SpaceX lands investment-grade credit ratings as shares tumble from record high SpaceX has received investment-grade credit ratings from all three major rating agencies just days after its record-breaking stock market debut, despite its newly listed shares experiencing a sharp decline on Thursday. The aerospace and AI company, led by Elon Musk, secured its first-time ratings from Moody's, Fitch, and S&P Global, marking a significant milestone that positions its debt in investment-grade territory. This could enable the company to access cheaper financing as it funds a massive expansion plan. The ratings were announced less than a week after SpaceX's historic initial public offering (IPO), which raised approximately $85.7 billion (€73.8 billion), setting a new record for the largest IPO in history. Moody's assigned SpaceX a Baa1 long-term issuer rating with a stable outlook, citing the company's "exceptional franchise strength" as the world's leading orbital launch provider and operator of Starlink, the largest low Earth orbit satellite broadband network. The agency noted that Starlink has become SpaceX's primary cash flow generator, supporting improved scale, wider margins, and a gradual shift away from more cyclical launch revenue. Moody's also highlighted risks, including the heavy execution and financial demands of SpaceX's large-scale AI buildout. The agency warned of high capital intensity, sustained negative free cash flow, and an uncertain range of returns. It emphasized the company's reliance on the next-generation Starship V3 vehicle, cautioning that technical setbacks or delays could pressure long-term growth. Additionally, the agency pointed to elevated governance risks tied to SpaceX's controlled structure and concentrated voting power, which limit independent board oversight and make the firm heavily dependent on Elon Musk.#spacex #elon_musk #moody_s #fitch #s_p_global
