The agency cited strong launch and connectivity businesses, while flagging heavy capital needs and uncertainty around AI operations; it expects adjusted leverage to stay below 2.0x through 2029, peaking at 1.2x in 2028.
S&P assigned SpaceX (SPCX.O) a BBB credit rating with a stable outlook on June 19, backing its view with the company’s solid launch and connectivity businesses. The agency said that strength is tempered by heavy capital needs and uncertainty around AI operations. It also said the rating does not incorporate several longer-term initiatives, including Moon and Mars missions, space data centers and a large Texas chip plant. Even with major investment plans, S&P expects adjusted leverage to remain below 2.0x through 2029, peaking at 1.2x in 2028.