The bond market’s assessment also jibes with SpaceX’s stock. It’s a profitless, non-dividend-paying, one-person-controlled, empire-building project trading at more than 100 times sales, about 30 times the valuation of the S&P 500 Index. That’s the very definition of a junk stock.
Original link: https://www.bloomberg.com/opinion/articles/2026-07-02/spacex-is-junk-that-s-what-the-bond-market-says
Less paywall.
Another article discussing this without mincing words:
I’m taking that to mean that SpaceX might have a bit of a valuation change as investors decide what they’ll pay to be a part of this grand adventure in creative accounting.
Man, remember when the only company that did creative accounting was Enron?