SpaceX received investment-grade credit ratings from all three major rating agencies just days after its record-breaking stock market debut, strengthening its financial standing despite a sharp decline in its share price earlier this week.
The space and artificial intelligence company founded by Elon Musk was assigned inaugural ratings on Thursday by Moody’s, Fitch Ratings, and S&P Global Ratings, marking a significant milestone that places its debt firmly within investment-grade territory and could lower future borrowing costs as the company pursues an ambitious expansion strategy.
The ratings arrive less than a week after SpaceX completed a historic initial public offering that raised approximately $85.7 billion, the largest IPO ever recorded.
Moody’s assigned SpaceX a Baa1 long-term issuer rating with a stable outlook, citing the company’s dominant position in the global space launch market and the growing strength of its Starlink satellite internet business.
The agency described SpaceX as the world’s leading orbital launch provider and operator of Starlink, the largest low-Earth-orbit broadband satellite network.
The rating sits slightly above Tesla’s Baa3 credit rating, underscoring Moody’s confidence in SpaceX’s long-term business prospects.
Commenting on the decision, Elon Musk remarked on social media that Tesla’s credit rating remained “ridiculously low.”
According to Moody’s, Starlink has become the primary driver of SpaceX’s cash generation, supporting scale expansion, improving margins, and reducing the company’s reliance on the more cyclical launch-services business.
While acknowledging SpaceX’s growth potential, Moody’s also highlighted significant execution and financial risks associated with the company’s large-scale artificial intelligence expansion plans.
The agency noted that the initiative will require substantial capital investment and is expected to generate persistently negative free cash flow in the near term, while the ultimate return on investment remains uncertain.
Another key risk identified by Moody’s is the company’s dependence on its next-generation Starship V3 platform. Any major technical setbacks, regulatory hurdles, or development delays could weigh on long-term growth expectations.
Moody’s also pointed to elevated governance risks stemming from SpaceX’s ownership structure and concentration of voting power.
The agency said the company’s governance framework limits independent board oversight and leaves strategic decision-making heavily dependent on Musk.
Despite those concerns, Moody’s forecasts strong revenue and earnings growth through 2028, driven primarily by Starlink’s expanding customer base, which reportedly reached 12 million subscribers as of early June.
The agency also cited a potential inflection point in the company’s artificial intelligence division, referencing recently announced computing contracts with Anthropic and Google valued at a combined $75 billion as evidence of future growth opportunities.
Fitch Ratings assigned SpaceX a BBB+ long-term issuer default rating with a stable outlook, emphasizing the company’s commanding position in commercial space launches.
The agency noted that SpaceX has delivered more than 80% of global payload mass to orbit since 2023, establishing a level of market dominance unmatched by competitors.
Meanwhile, S&P Global Ratings assigned the company a BBB rating with a stable outlook.
S&P balanced the strength of SpaceX’s launch operations and communications services against the uncertainties surrounding its emerging artificial intelligence activities and substantial capital requirements.
The investment-grade assessments are expected to provide SpaceX with greater flexibility in debt markets at a time when the company is undertaking some of the most capital-intensive projects in the aerospace and technology industries.
For investors, the ratings offer an independent endorsement of the company’s financial profile, even as questions remain about valuation, execution risks, and the sustainability of its rapid growth trajectory.
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