Report: SpaceX's debt grew by nearly two-thirds last year.

An undisclosed IPO prospectus shows that SpaceX's debt increased by nearly two-thirds last year, rising from $14 billion in the previous year to about $23 billion by the end of 2025. The substantial increase in debt clearly reflects the heavy financial burden incurred by the acquisition of xAI. The documents reveal that most of the new debt comes from a leasing agreement with Valor Equity Partners, with the leased assets being chips and other artificial intelligence infrastructure equipment for xAI use. SpaceX has recorded this liability as $4.5 billion on its balance sheet.