Fitch Affirms SpaceX's 'BBB+' Rating Despite $40 Billion GPU Lease

Fitch Ratings has affirmed Space Exploration Technologies Corp.'s (SpaceX) 'BBB+' credit rating, stating that the company's new $40 billion commitment to lease graphics processing units (GPUs) will not impact its credit profile. The ratings agency said Wednesday that the significant transaction aligns with its existing financial projections for the company.

Lease and Financing Details

SpaceX entered into a binding commitment for a master finance lease to acquire next-generation NVIDIA Vera Rubin chips and related equipment, according to the report. The deal, made with an entity managed by Apollo Global Management, is designed to finance the expansion of the company's terrestrial compute capacity.

The financing was led by Apollo and Goldman Sachs, which acted as the sole structuring agent. Funds managed by BlackRock, Goldman Sachs Asset Management, and capital accounts advised by KKR also provided anchor commitments. SpaceX anticipates closing the lease before year-end 2026, with the equipment scheduled for delivery in the first half of 2027.

Rating Rationale

Fitch explained that the transaction was already incorporated into its rating case and its June 2026 forecast, therefore not altering its view of SpaceX's creditworthiness. While the agreement increases lease payments, Fitch does not classify the obligation as debt in its primary leverage metrics.

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Instead, the agency will calculate a supplemental "lease-adjusted leverage" measure. Under its criteria, Fitch will exclude the lease balance from debt and reflect its amortization and interest as a reduction to Fitch-calculated EBITDA, consistent with its treatment of other equipment financing.

Financial Context and Outlook

The lease supports the rapid expansion of SpaceX's Super Intelligence (SI) division, which has seen explosive growth. SI revenue grew to $7.6 billion in the third quarter of 2026, a substantial increase from $0.8 billion in the same period a year earlier. This growth is underscored by a single SI customer accounting for 34.5% of consolidated revenue in the third quarter.

Fitch's forecast reflects this trajectory, with projections for SpaceX's revenue to approach $50 billion in 2026 and $200 billion in 2027. The agency expects EBITDA leverage to fall from 1.5x at the end of 2026 to approximately 1.0x in 2027, with EBITDA margins approaching 70%.

The company's strong liquidity position supports the rating, with $89.9 billion in cash and short-term marketable securities as of September 30, 2026, and full availability under a $5.0 billion revolving credit facility. Total debt stood at $38.0 billion, with no material principal payments due until mid-2031.