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
Sure, but without the AI part there’s no way to get investors excited.
Space is really fucking hard and doesn’t scale well.
Software scales up really well and theoretically can be much more profitable without additional overhead.
It’s all part of the stupid AI bubble, but there’s no way SpaceX would have hit that valuation on its own without Grok.