Elon Musk said SpaceX could reach between $500 billion and $1 trillion in annual recurring revenue by the end of 2027, a projection he gave on the company's third-quarter earnings call on October 20, 2026. The statement came after SpaceX reported that its quarterly revenue jumped 161% to $14.6 billion, up from $5.6 billion a year earlier. The result was well above analyst expectations of roughly $12.6 billion to $12.7 billion, and SpaceX shares rose about 8% in after-hours trading to around $160.
Annual recurring revenue, also called run rate, takes one month or quarter of current revenue and multiplies it out to a full year, so it can be much higher than the revenue a company actually books in that year. SpaceX's chief financial officer, Bret Johnsen, said the company is on track for its earlier goal of $100 billion in annual recurring revenue by the end of 2026, measured on December revenue. He guided first-quarter 2027 revenue to between $33 billion and $37 billion. Reaching the low end of Musk's range would require the run rate to grow again within about a year of passing $100 billion. Later that night Musk posted on X that $1 trillion in SpaceX revenue in 2028 is no longer impossible, and the company's internal timeline for a trillion dollars in annual revenue has moved up from 2031 to 2028, according to Yahoo Finance.
