"As crazy as it sounds": Elon Musk claims staggering SpaceX revenue figure in 2028 is "no longer impossible"

Elon Musk has claimed that SpaceX could potentially reach revenue of $1 trillion in 2028. He had previously made this claim for 2030, but recently stated that they could achieve the figure in less than two years.

SpaceX released its earnings for the most recent quarter, ending in September, on Tuesday, October 20. It states that the company made an overall profit of $4.40 billion. Notably, it made a loss of $1.05 billion in the same quarter last year. The company had revenue of $14.6 billion this quarter, making it 161% higher than last year. It also registered a loss in the second quarter this year.

In June this year, Elon Musk had posted on X (formerly Twitter):

"I think SpaceX might be able to reach approximately $1T revenue in 2030"

The Tesla owner shared a screenshot of this post on Tuesday after the earnings release, and wrote:

"As crazy as this sounds, $1T in SpaceX revenue in 2028 is no longer impossible"

The company also shared its revenue reports on X on Tuesday, with Musk congratulating the team. He had also shared a post on X earlier this week about the company's shares, writing:

"Next year, I will give one of my SpaceX shares to every kid in America. This will be the first of many."

Elon Musk

@elonmusk

Next year, I will give one of my SpaceX shares to every kid in America. This will be the first of many.

Notably, SpaceX went public in June this year. It is set to have a Starship megarocket test flight next month. During its earnings call on Tuesday, Elon Musk also revealed that they will attempt to catch both stages of the spaceship (via Space.com).

He said if they succeed, it will "be the first time that an orbital launch vehicle has been fully recovered." He said that we need a "reusable orbital launch vehicle" to have a sustained "consciousness beyond Earth".

Also Read: "Such a practical car": Internet reacts after Elon Musk claims new Tesla Roadster accelerates faster than a fighter jet taking off

Elon Musk opens up about potential merger between SpaceX and Tesla

At the earnings call, the richest man on the planet also spoke about a potential merger between his two biggest companies. He said that it would make sense for Tesla and SpaceX to merge. While Tesla is valued at around $1.5 trillion, the latter is valued at around $2 trillion.

When asked about it, Elon Musk said (h/t Reuters):

"I think it would be a good idea, but it's really up to the special committees of both companies. Because I'm a conflicted party, I can't actually be in the discussions of the special committees."

"I do think there's a lot of merit to combining the companies as we are pretty much in the superintelligence singularity, and there's a lot to be gained from cooperating on developing superintelligence software, chip design, the Terafab obviously, robotics, mass-to-orbit with the Starmind constellation, connectivity," he added.

Notably, SpaceX acquired X and xAI earlier this year. Along with making space vehicles and Starlink satellites, it now also provides AI and cloud computing services to other companies.

Musk, however, did note that a potential merger cannot be considered a given, considering there are numerous decision-makers. He revealed that at least 50% of Tesla's shareholders would have to approve the deal.

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Also Read: "Major threshold passed": Elon Musk makes big future claim as gasoline-only cars fall below 50% in global new sales for the first time ever

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