SpaceX Debt Jumped to $23 Billion Last Year

SpaceX increased its debt load by nearly two-thirds last year, to about $23 billion at the end of 2025 from $14 billion 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 $4.5 billion of debt on its balance sheet, according to the filing.

Valor’s CEO and chief investment officer is Antonio Gracias, a SpaceX board member, the filing notes.