SpaceX Prices Bonds at Up to 8.75% in $40B Credit Deal

The notable signal here is the coupon itself: an up-to-8.75% cost of capital is a meaningful spread for a company of SpaceX's profile, suggesting lenders are pricing in real risk or a demanding credit backdrop rather than treating the borrower as a premium name. That affects how other large private issuers with space or defense-adjacent exposure are likely to be received when they approach debt markets. The absence of disclosed terms — maturity, structure, covenants — is the gap worth watching; how the package is ultimately secured and how much of the $40 billion is drawn will say more about the true cost than the headline rate.