S&P Global Ratings has awarded SpaceX a 'BBB' issuer credit rating, maintaining a stable outlook. The rating reflects SpaceX's robust performance in its launch and connectivity sectors, though tempered by substantial capital requirements and uncertainties in its AI ventures. S&P anticipates SpaceX's adjusted leverage to remain below 2.0x through 2029, peaking at 1.2x in 2028, before improving as the company enhances revenue and profitability in its connectivity business and begins monetizing its AI operations.