SpaceX has informed investors it secured top-tier credit ratings, a critical milestone as the company barrels toward what could become the largest IPO in history. The company is set to price shares at roughly $135 each on June 11, with trading on Nasdaq expected to begin the following day under the ticker SPCX.

If the valuation holds near the targeted $1.75 trillion, SpaceX would debut as one of the most valuable companies on any public exchange.

The $20 billion bridge loan and what it signals

The credit ratings don’t exist in a vacuum. They’re directly tied to a $20 billion bridge loan SpaceX secured in May 2026, a pre-IPO financing vehicle designed with a clever incentive structure.

The loan carries SOFR-based interest margins that decline as SpaceX’s credit ratings improve. Specifically, the terms call for achieving a Single A rating from at least two of the three major agencies: Moody’s, S&P Global, or Fitch. Hit that threshold, and the interest margins drop significantly.

The bridge loan is also structured to help refinance debt tied to Elon Musk’s related ventures. The S-1 filing laid out these terms explicitly, giving prospective investors a clear view of how the company plans to manage its capital structure through the transition to public markets.

As of June 10, however, no public confirmations from Moody’s, S&P Global, or Fitch regarding SpaceX’s assigned ratings had appeared. The company’s communication to investors about securing top-tier ratings came directly from SpaceX itself, leaving the market to wait for the agencies’ formal announcements.

The financial picture beneath the rocket exhaust

SpaceX’s S-1 filing revealed a company generating enormous revenue but still burning cash at a remarkable clip. For 2025, the company reported revenue of under $19 billion alongside a net loss of $4.94 billion.

Part of the loss stems from projects aligned with xAI, Musk’s artificial intelligence venture.

The real revenue engine is Starlink, SpaceX’s satellite internet constellation. The service generated $11.4 billion in sales and was operating at a profit. That’s meaningful. It means more than 60% of SpaceX’s total revenue comes from a subscription business with recurring revenue characteristics, not just from one-off rocket launches.

What this means for investors

Investment-grade ratings, particularly at the Single A level, affect everything from the cost of future debt issuance to the types of institutional investors who can hold the company’s bonds and, by extension, its equity.

The gap between SpaceX telling investors it has secured these ratings and the agencies publicly confirming them matters. Until Moody’s, S&P, or Fitch publish their assessments, the market is pricing in an expectation rather than a confirmed fact.

The bridge loan’s structure also introduces a specific risk worth watching. If the ratings come in below Single A, SpaceX’s borrowing costs on that $20 billion facility stay elevated. On a loan that size, even modest differences in interest margins translate to hundreds of millions of dollars in annual interest expense.

Investors should also consider the Musk factor. His involvement across Tesla, xAI, and SpaceX creates interconnected financial relationships that the S-1 itself acknowledges through the bridge loan’s refinancing provisions. The $4.94 billion net loss partially attributed to xAI-aligned projects is exhibit A.