Quick Read – SpaceX (SPCX) carries a BBB investment-grade rating, but bond spreads of 1.62 points exceed even the BB junk average of 1.55, signaling hidden credit risk. – S&P projects negative free cash flow through 2029, while Moody’s flags Musk’s concentrated voting power as a…
vernance risk that limits independent board oversight. – SpaceX’s 30-year bond spreads have stretched to nearly 2 points, repeating a widening pattern that preceded the 2008 mortgage crisis before any rating agency acted. – Act now: the analyst who called NVIDIA in 2010 just named his top 10 AI stocks — and SpaceX didn’t make the cut. Grab the names FREE today
One of the largest IPOs in history closed in June, drawing more than $300 billion in orders for $75 billion of shares sold, an oversubscription of roughly 4x. Wall Street called it a moonshot. The bond market, quietly, called it something else.
As Bloomberg Opinion columnist Nir Kaissar argued in “SpaceX Is Junk. That’s What the Bond Market Says” (July 7, 2026), credit investors are pricing SpaceX (NASDAQ:SPCX) debt as if the rating label were fiction. The Rating Says Investment Grade.