Based on its last twelve months of EBITDA, SpaceX's leverage is approximately 5x, a level more consistent with a high-yield rating.

Zach Griffiths believes OpenAI is the company that most urgently needs funding among major AI labs.

Zach Griffiths identifies a potential risk for Anthropic and OpenAI if market risk appetite declines over the next couple of months when they are expected to need to raise capital.

The potential debt issuance by SpaceX represents only 1% to 2% of the company's overall enterprise value.

Zach Griffiths expects SpaceX to have an annual cash burn of $20 to $30 billion as it invests in its infrastructure business.

Credit Suisse expects SpaceX to receive an investment-grade (IG) credit rating and come to the debt market relatively quickly after its IPO.

Zach Griffiths estimates that SpaceX is likely to issue around $20 billion in debt in the near term.

SpaceX's recent deals with Google and Anthropic are not yet reflected in its last twelve months (LTM) financial metrics.