Bond Update: SpaceX USD Bond; Yield up to 6.8%, Now Available on iFAST!

SpaceX bonds offer investment-grade exposure to launch and Starlink growth, with 5–30-year maturities, yields up to 6.85%, manageable leverage, and capex-related risks for income investors.

iFAST Research Team
iFAST Research Team06 Jul 2026 10 Views
Bond Update: SpaceX USD Bond; Yield up to 6.8%, Now Available on iFAST!

SpaceX issued five 5- to 30-year US dollar bonds with yields of 5.4% to 6.9%. Now, you can invest them via iFAST platforms!

SpaceX has a credit rating of BBB/BBB+ (Standard & Poor's/Fitch) with a stable outlook.

Founded in 2002, SpaceX comprises three main parts: Space (rocket business), Connectivity (Starlink satellite network), and Artificial Intelligence (social platform X and artificial intelligence Grok). Founder and the world's richest man, Elon Musk, holds 78% of the voting shares, making him the largest shareholder. The group listed on the Nasdaq Stock Exchange in 2026 (stock code SPCX.US) and currently has a market capitalization of approximately USD 2.1 trillion.

In the first quarter of 2026, the company's operating performance continued to grow, with main business revenue reaching USD 4.7 billion, a 15% increase year-on-year. Starlink business saw steady growth, recording revenue of approximately USD 3.3 billion in the first quarter (accounting for approximately 69%). While launch services remain an important source of revenue, the Starlink satellite internet investment and operation segment has become the absolute mainstay of revenue, demonstrating extremely high profitability, with operating profit reaching USD 1.2 billion, contributing the vast majority of core profits.

Regarding credit, as of the latest disclosure for the first quarter of 2026, the company has signed several major new government and commercial contracts, resulting in a large backlog of orders. Combined with 10.3 million Starlink subscribers, this provides momentum for long-term revenue growth. As of the end of March 2026, the company's total debt was approximately USD 29.1 billion, with a high proportion of long-term borrowings, indicating a predominantly long-term debt structure and manageable short-term debt repayment pressure. Adjusted EBITDA for the first quarter reached USD 1.1 billion, and the interest coverage ratio (on a full-year basis) remained at a healthy level of over 3 times. While the company noted that continued increases in capital expenditures have led to losses and challenges to operating cash flow, the overall credit risk remains manageable considering its leading position in global aerospace technology, Starlink's strong and sustainable revenue streams, and its substantial cash reserves following the IPO.

These SpaceX bonds are investment grade, with maturities ranging from 5 to 30 years and now the yield could exceed 6.8% (see Table 1), making them suitable for investors seeking stable returns. iFAST now offers all of SpaceX's corporate bonds. Given that the issuer is one of the most talked-about companies recently, and its space and AI products are maturing, the yields are attractive compared to its industry peers, making them a worthwhile option.

Table 1: SpaceX USD bonds

Bond

Tenor

Investor Buy Price

Net YTM

SPCX 5.350% 15Jul2031 Corp (USD)

5.03

99.53

5.24%

SPCX 5.650% 15Jul2033 Corp (USD)

7.04

99.07

5.61%

SPCX 5.875% 15Jul2036 Corp (USD)

10.04

98.24

5.93%

SPCX 6.600% 15Jul2046 Corp (USD)

20.05

96.62

6.76%

SPCX 6.650% 15Jul2056 Corp (USD)

30.05

95.56

6.85%

Source: iFAST
Data as of 3 July 2026


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