SpaceX Debt Jumped to $23 Billion Last Year

SpaceX increased its debt load by nearly two-thirds last year, to about $23B at the end of 2025 from $14B the year prior. That surge illustrated how much its acquisition of xAI added new financial obligations to the company, according to a confidential initial public offering prospectus reviewed by The Information. Much of the debt was tied to a lease deal with Valor Equity Partners for AI infrastructure equipment such as chips for xAI, which SpaceX recorded as $4.5B of debt on its balance sheet, according to the filing.