Elon Musk says SpaceX could reach $500 billion to $1 trillion annual recurring revenue by 2027, confirms Tesla merger talks

SpaceX posted Q3 revenue of $14.6 billion, up 161% year-on-year, beating analyst estimates. Musk stated SpaceX could reach $500 billion to $1 trillion in annual recurring revenue by the end of 2027, representing 5x to 10x growth from a over $100 billion run rate in 2026. He also confirmed special committees at SpaceX and Tesla have begun exploring a merger, valuing the combined entity at roughly $2 trillion for SpaceX and $1.5 trillion for Tesla, though no terms have been agreed.