There are actually quite a few Disney theme park rides that have been adapted into movies in the past. The most recent examples are Haunted Mansion and Jungle Cruise, but without a doubt the best known example is Pirates of the Caribbean. Now another is set to join this list.
The Hollywood Reporter has stated that the movie adaptation of Space Mountain is going ahead, and that Josh Appelbaum and André Nemec (known as the showrunners of Netflix's Cowboy Bebop adaptation and involved with Citadel on Prime Video) are leading the project.
As Space Mountain has no core story or characters attached to it, it will likely be a blank page with how this adaptation is approached. There is no date nor release time frame in mind for it, so we should probably not hold our breath on hearing more about it soon.
This also comes as the Tower of Terror ride is said to have been adapted into a film too, with this starring Scarlett Johansson, but this project has been in-development for a long while and seemingly not gone anywhere of note yet.