The bond market’s assessment also jibes with SpaceX’s stock. It’s a profitless, non-dividend-paying, one-person-controlled, empire-building project trading at more than 100 times sales, about 30 times the valuation of the S&P 500 Index. That’s the very definition of a junk stock.
Original link: https://www.bloomberg.com/opinion/articles/2026-07-02/spacex-is-junk-that-s-what-the-bond-market-says
Well, from a technical standpoint they now routinely do weekly what was never ever done before by anyone. Both in launch cadence of their booster fleet and the recovery of them, and they’ve pretty much fully transitioned to only making their Stage 2’s and just using their existing fleet of boosters. So from a rocket company perspective, SpaceX is a legitimate company, and they’ve made legitimate advances in the field of rocketry, and now they outpace the rest of the global market combined in tons to orbit.
Then you fold in Starlink, which needs those weekly launches to maintain the constellation… and then you fold in Starship, which is the next generation launch platform, and it’s like “Ok… that’s still rocket-y, that’s cool”.
And then along comes xAI tacked onto the side like a 100 billion dollar dead weight and that is where things get a bit wobbly.