S&P Global Ratings has assigned a "BBB" issuer credit rating to SpaceX, with a stable outlook, citing its robust launch and connectivity operations, which are partly offset by significant capital needs and uncertainties in its artificial intelligence business.

The rating agency projects that SpaceX will maintain its adjusted leverage ratio below 2.0 times through 2029.

S&P indicated, "We anticipate the leverage ratio will peak in 2028, with S&P Global Ratings-adjusted leverage reaching 1.2 times, but it will improve each year thereafter as the company expands revenue and profitability from its connectivity segment and begins to monetize its AI operations."