S&P assigned SpaceX a BBB credit rating with a stable outlook, citing robust
performance in its launch and connectivity businesses offset by heavy capital
requirements and uncertainty around its AI ventures. S&P said the rating
excludes long-term plans—lunar and Mars missions, in‑space data centers and a
large chip plant in Texas—because they are not yet quantifiable, and noted that
if those plans proceed they may require long-term financing. Despite substantial
planned investment, S&P expects SpaceX’s adjusted leverage to remain below 2.0x.