SpaceX 计划发行其首次债券以筹集 200 亿至 250 亿美元，这将成为今年规模最大的债券发行之一。尽管该公司面临持续的负自由现金流和庞大的资本支出，穆迪仍给予其 Baa1 的投资级评级，这反映了信用市场对马斯克宏伟愿景及该公司市场地位的极大信任。

支撑 SpaceX 获得投资级评级的关键因素在于其在美国太空计划中核心的发发射主导地位，以及能够带来数十亿美元经常性收入的 Starlink 卫星网路。此外，该公司拥有充足的流动性，可持续资助其在人工智慧及太空数据中心等领域的扩展计划。

然而，许多评级机构和投资者指出 SpaceX 缺乏典型高评级借款人的特征，其未来的增长高度依赖于大规模举债。标普预计该公司在 2030 年前将持续维持负现金流，并预估其债务规模在 2028 年将飙升至 1320 亿美元。

SpaceX is seeking to raise between $20 billion and $25 billion from its debut bond offering, which is expected to rank among the largest deals of the year. Despite the company's sustained negative free cash flow and heavy capital spending, Moody's assigned it a Baa1 investment-grade rating, reflecting the credit market's immense trust in Elon Musk's grand ambitions.

The investment-grade case for SpaceX relies on its dominant launch position central to the US space program and its Starlink satellite network, which generates billions of dollars in recurring revenue. Furthermore, the company has access to sufficient liquidity to continue funding its expansion projects in artificial intelligence and space data centers.

However, rating agencies and investors point out that SpaceX lacks the typical hallmarks of a high-grade borrower, with its future growth heavily dependent on debt financing. S&P expects the company to remain cash-flow negative until 2030 and projects that its total borrowings will climb to $132 billion by 2028.