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
For orbital launches, maybe, but they have all kinds of competition now. Would they even be in business if not for huge government contracts without milestones?
They dont have any competition at the scale of what falcon 9 can do yet. Blue Origin is getting close, but they’re not quite there yet.
People are transferring contracts to falcon 9 because it works and is available.
If Starship succeeds, they’ll be leap frogging everything being built now thats meant to compete with Falcon 9.