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Source document· June 23, 2026

‘A Lot of Leeway’: SpaceX’s High-Grade Debt Brings Out Skeptics

View original at finance.yahoo.com
‘A Lot of Leeway’: SpaceX’s High-Grade Debt Brings Out Skeptics (Bloomberg) -- When Moody's Ratings first evaluated Nvidia Corp…
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  • SpaceX is expected to remain cash-flow negative until 2030, with the burn rate rising sharply in the year after rating and again in 2028.

    60% confidence

  • SpaceX's borrowings are expected to climb to $132 billion in 2028, up from approximately zero currently after adjusting for cash and lease liabilities.

    60% confidence

  • SpaceX has sustained negative free cash flow and years of heavy capital spending still to come, yet merits a Baa1 investment-grade rating.

    60% confidence

  • SpaceX's investment-grade rating is supported by its dominant position as a launch provider central to the US space program, Starlink's billions in recurring revenue, and sufficient liquidity to fund its AI expansion.

    60% confidence

  • SpaceX is a phenomenal equity opportunity over 10-20 years, but rating agencies are giving SpaceX a lot of leeway and positivity for near- to mid-term events on the fixed-income side.

    60% confidence
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Enterprise Software Races to Govern and Consolidate Around Agentic AI
Enterprise software vendors are repositioning around autonomous AI agents. Salesforce is acquiring Braze, ServiceNow is launching agent governance tools (AI Passport, Super Intelligence Control Tower), SAP is pushing its 'Autonomous Enterprise', and Zeta is launching AthenaOS and its own inference model. Palantir is embedding itself in banking, aviation and sovereign AI infrastructure through partnerships with Customers Bank, Surf Air, Ondas and Armada. Governance, data sovereignty and enforced policy are emerging as preconditions for regulated sectors like finance. Investors such as Norwest see room to disrupt ERP and finance software, and they caution that AI should not be trusted with financial calculations. Consolidation and shareholder disputes (Salesforce/Braze, Tiny/Oso Cloud, ZenaTech/Boardwalktech) show the market reshaping.
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EPKINLY Regulatory-Clinical Success Cascade
High probability of expanded label indications, additional combination approvals, and competitive positioning strength in follicular lymphoma market. Predicts positive commercial uptake and potential accelerated review for related indications.
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Where sources disagree
Ford Motor Company
Both facts give cash for Ford Motor Company at the same point in time (2025-12-31; FY 2025 year-end and Q4 2025 year-end are the same date). Both are labelled USD, but the values are 23,356,000,000 and 23.356, which cannot both be true in USD. The two numbers agree once the second is read as billions (23.356 bn = 23,356,000,000), so the economic content is consistent and the conflict is a unit/scale error in the Q4 2025 record. The period is not the reason for the conflict: a Q4 and an FY figure at the same year-end date should match.
We flag conflicts openly ›
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