Fitch Ratings assigned a BBB+ rating to SpaceX’s proposed senior unsecured notes, while Moody’s assigned a Baa1 rating with a stable outlook.
- The company did not reveal the bond pricing, nor did it disclose the amount of funds it is seeking to raise.
- According to a Bloomberg report, SpaceX is seeking to raise at least $20 billion through the offering to repay the bridge loan, which constitutes the majority of its $29.1 billion debt.
- Fitch and Moody’s cited SpaceX’s dominant position in orbital launches, the recurring revenue generated by Starlink, and the company’s strong liquidity profile as key credit strengths.
Space Exploration Technologies Corp. (SPCX) on Monday launched its first bond offering following the blockbuster debut of its shares on Nasdaq earlier this month.
In a filing with the U.S. Securities and Exchange Commission (SEC), SpaceX stated that it is offering the unsecured bonds to qualified institutional buyers.
SpaceX shares were down more than 5% in Monday’s opening trade.
Why SPCX Is Issuing Bonds
SpaceX said it plans to use the proceeds from the inaugural bond offering to fully repay outstanding borrowings under its bridge loan facility, cover related fees and expenses, and allocate any remaining funds toward general corporate purposes.
The company did not reveal the bond pricing, nor did it disclose the amount of funds it is seeking to raise. However, according to a Bloomberg report, SpaceX is seeking to raise at least $20 billion through the offering to repay the bridge loan, which constitutes the majority of its $29.1 billion debt.
The company also disclosed that it had $100.8 billion in cash and cash equivalents as of June 19, 2026.
What Ratings Agencies Think About SPCX
Fitch Ratings assigned a BBB+ rating to SpaceX’s proposed senior unsecured notes, while Moody’s assigned a Baa1 rating with a stable outlook.
Both agencies cited SpaceX’s dominant position in orbital launches, the recurring revenue generated by Starlink, and the company’s strong liquidity profile as key credit strengths. Fitch noted that SpaceX has delivered more than 80% of global mass to orbit since 2023, while Moody’s highlighted the company’s status as the world’s leading launch orbital provider and operator of the largest low-Earth-orbit broadband network.
Both agencies also pointed to SpaceX’s sizable cash reserves and access to capital markets. Fitch said the company would have more than $90 billion in pro forma liquidity after the transaction, while Moody’s noted that SpaceX’s recent IPO and planned bond offering further strengthen its financial flexibility.
However, they flagged risks tied to the company’s ambitious growth plans, including the execution of its Starship program, large-scale AI infrastructure investments, and the concentration of voting control under CEO Elon Musk.
Fitch specifically cited governance concerns as a constraint on the rating, while Moody’s warned that delays in Starship development could weigh on future growth and cash flow generation.
How Did Stocktwits Users React To SPCX?
Retail sentiment on Stocktwits around SpaceX trended in the ‘bullish’ territory, while message volumes were at ‘extremely high’ levels.
SPCX stock is up 17% year-to-date. The ARK Innovation ETF (ARKK) is up 19% over the past 12 months, while the iShares A.I. Innovation and Tech Active ETF (BAI) is up 101%.
The Tema Space Innovators ETF (NASA) is up 28% during this period.
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