Moody's Gives SpaceX Investment-Grade Rating Despite Negative Free Cash Flow

Billionaire David Einhorn has criticized SpaceX's valuation, calling it "far too much" at $1.75 trillion. Einhorn notes that the company is not expected to be cash flow positive for years and has no history of generating free cash flow, yet credit-rating agencies have awarded it investment-grade ratings. Einhorn sees this as questionable, highlighting the company's ability to raise capital through low-yielding bond sales. Analyst Adam Jonas has a $300 price target on SpaceX, with a long-term growth forecast.