Bond rating agencies give SpaceX a BBB rating, but market investors demand higher premiums, pricing its debt akin to junk. The article underscores this divergence, asserting market investors are superior arbiters due to no conflict of interest and collective wisdom, unlike agencies paid by issuers. Market skepticism, increasing with longer-term debt, signals a harder road for SpaceX than Elon Musk promotes. This is crucial, as junk bonds carry higher default risks. The author, personally supportive of SpaceX, ultimately trusts the market's assessment for investors.