The offering follows SpaceX’s IPO, which priced shares at $135 and raised more than $85 billion. That debut propelled founder Elon Musk’s on-paper net worth past the trillion-dollar mark and gave the company substantial liquidity and attention.
According to the company’s SEC filing, net proceeds will be used primarily to repay in full the outstanding borrowings under its existing bridge loan facility, cover related fees and expenses, and fund general corporate purposes. The $20 billion bridge loan facility was used to refinance approximately $17.5 billion in higher-cost debt tied to X and xAI, following SpaceX’s all-stock merger with xAI in February 2026. The bridge facility, which matures in September 2027, had represented the bulk of SpaceX’s long-term debt. The offering is being conducted under Rule 144A and Regulation S, targeting qualified institutional buyers and non-U.S. investors. The notes will be unsecured obligations ranking equally with other unsubordinated debt. SpaceX disclosed it held approximately $100.8 billion in cash and cash equivalents as of June 19.
SpaceX is reshuffling its debt. The company priced this new bond sale across five different tranches, with maturities hitting between 2031 and 2056 and interest rates reportedly landing between 5.35% and 6.65%. The debt raise allows SpaceX to replace short-term bridge financing with longer-dated fixed-income securities. The company stated this provides greater financial flexibility to support capital-intensive initiatives, including development of Starship, expansion of the Starlink constellation, and integration of AI capabilities following the xAI combination. Separately, SpaceX confirmed a third compute deal at its Colossus data center, this time worth up to $6.3 billion with Reflection AI paying $150 million per month starting July 1 for access to NVIDIA GB300 chips.
SpaceX shares fell over 16 percent on Monday and recovered approximately 1 percent Tuesday. The company characterized the bond offering as underscoring its transition to a mature public company with access to diverse funding sources, positioning the firm to pursue its long-term vision of multiplanetary expansion and AI infrastructure while maintaining a disciplined approach to its capital structure.
