Anything seems possible these days in the Wild West of private markets. Maybe Fitch will become a captive subsidiary of a captive offshore reinsurance company owned by a domestic insurance company owned by a private credit company owned by a private equity company. Leveraged.
BREAKING: SpaceX just received an investment-grade credit rating from Fitch for its new bond offering.
• Fitch gave SpaceX a BBB+ rating, which means its debt is seen as reasonably safe for big investors.
• All three major rating agencies now rate SpaceX as investment grade: Moody’s, Fitch and S&P.
• SpaceX reported over $100 billion in cash and cash equivalents after its record IPO
• Fitch cited SpaceX’s dominant launch business, fast-growing Starlink network and expanding AI compute operations as major strengths
• SpaceX has delivered more than 80% of the world’s mass sent to orbit since 2023
This is a major vote of confidence in SpaceX’s long-term business.