Investing.com -- Fitch Ratings assigned a BBB+ Long-Term Issuer Default Rating to Space Exploration Technologies Corp. and rated the company's senior unsecured revolving credit facility at BBB+. The outlook is stable.

The rating reflects SpaceX's position in commercial launch operations and growing revenue from connectivity services and terrestrial AI computing. Fitch expects EBITDA growth will keep leverage at or below management's stated 2x-3x target range during the forecast period. The company holds over $90 billion in pro forma liquidity and has shown access to capital markets.

Rating limitations include governance concentrated in one person with no removal provisions, execution risk related to Starship development, and the size of the capital program.

SpaceX has delivered more than 80% of global mass to orbit since 2023. The company's rocket reusability has reduced launch costs below historical averages, while vertical integration across engines, avionics, satellites, and user terminals removes supplier margin.

Starlink generates recurring revenue from more than 12 million consumer subscribers as of June 4, according to Fitch. The service is supplemented by enterprise, government, and mobile network operator contracts. Government launch and defense contracts add revenue visibility, along with a terrestrial AI compute business.

SpaceX raised $85.7 billion in a public offering. Fitch expects the company to defer discretionary capital deployment if capital access were limited, preserving liquidity and accelerating the path to positive free cash flow.

Elon Musk serves as chairman, CEO, and CTO, and controls almost all super-voting shares at a 10-to-1 ratio with no sunset provision. He cannot be removed without his consent. President and COO Gwynne Shotwell has overseen operations for over two decades.

SpaceX targets 2x-3x gross EBITDA leverage and a minimum cash balance of $25 billion, with no plans for shareholder distributions. The company plans a $60 billion equity-funded acquisition of Cursor.

Fitch's rating assumes Starship achieves operational capability in the second half of this year, deploying next-generation Starlink satellites needed for connectivity growth in 2027.

The concentration of voting control and executive authority in one person, with limited board independence and no voting sunset provision, constrains the rating by two notches relative to the level otherwise supported by SpaceX's operating and financial profile, according to Fitch.