Fitch Affirms SpaceX Rating Despite $40 Billion Commitment to Chips

Fitch Ratings affirmed SpaceX's credit rating at BBB+ unchanged, after the company committed to leasing advanced Nvidia chips worth nearly $40 billion to expand its terrestrial computing capabilities.

Fitch stated that the lease commitment funds computing capacity that was already factored into its forecasts, so the rating was not impacted. It added that the agreement was finalized on October 26 with an entity managed by Apollo Global Management, and includes next-generation Vera Rubin chips, with the deal expected to close before the end of 2026 and equipment delivery in the first half of 2027.

Fitch data showed that revenue from SpaceX's 'Superintelligence' unit surged nearly tenfold year-over-year to $7.6 billion in the third quarter, while leased computing reached 1.7 GW compared to 0.6 GW a year earlier. However, a single customer accounted for 35% of consolidated revenue, increasing risk concentration.

SpaceX shares fell 3% to around $144, Rocket Lab stock slipped 2% to $57, and AST SpaceMobile dropped 2% to $41, while the aerospace and defense ETF index declined just 0.3%. Fitch noted that cash and cash equivalents stood at $89.9 billion at the end of September, compared to a total debt of $38 billion.

What Do These Terms Mean?

Credit Rating: An independent assessment of a company's ability to repay its debts. A BBB+ rating indicates relatively moderate credit risk.

Graphics Processing Unit (GPU): A chip specialized in parallel computing, used extensively in training and running artificial intelligence models.

Customer Concentration: A company's reliance on a small number of customers for its revenue, making it more vulnerable to losses if one of them departs.