SpaceX Raised $111B — It Already Needs More

SpaceX's $2.3T valuation and surging debt needs rest more on faith in Elon Musk than demonstrated fundamentals, per FT's Lex column.

• SpaceX's debt spiral: SpaceX is seeking $40B ($30B bonds, $10B loans) for NVIDIA chips just months after an $86B IPO and $25B bond sale, needing roughly $500B total to build Musk's 10-gigawatt data center plan.
• Credit markets flash caution: SpaceX credit default swap spreads rose to 194 basis points in June; its long-dated bonds trade around 85 cents on the dollar, signaling rising perceived risk despite an investment-grade rating.

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