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
They dont have any competition at the scale of what falcon 9 can do yet. Blue Origin is getting close, but they’re not quite there yet.
People are transferring contracts to falcon 9 because it works and is available.
If Starship succeeds, they’ll be leap frogging everything being built now thats meant to compete with Falcon 9.