Elon Musk Just Pulled SpaceX's $1 Trillion Revenue Goal Forward to 2030. Here's the Growth Rate It Requires.

SpaceX's second-quarter revenue rose 92% year over year to $7.8 billion in its first report as a public company.

Musk said the internal target for $1 trillion in annual revenue has moved up a year, to 2030.

Reaching that figure from a $100 billion year-end revenue run rate would require about 78% compound annual growth for four years.

SpaceX (NASDAQ: SPCX) held its first earnings call as a public company on Tuesday, and CEO Elon Musk used it to make an already ambitious goal more ambitious.

The company's internal target for reaching $1 trillion in annual revenue, he said, has moved up a year, from 2031 to 2030. And he put what he called a "non-zero chance" on getting there in 2029.

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That is a striking thing to say about a company that produced $7.8 billion of revenue in the quarter it was reporting. It was a strong quarter, to be sure. Revenue grew 92% year over year, and the rocket and satellite company's net loss narrowed to $541 million from $1.0 billion a year earlier.

A target, of course, isn't guidance. But I think this one is specific enough to check against the company's own numbers. So, what growth rate does $1 trillion by 2030 actually require?