SpaceX bankers are preparing to discuss a potential bond offering of at least $20 billion with investors as early as next week. The proceeds would refinance a $20 billion bridge loan taken out earlier this year.
The potential bond offering signals SpaceX's significant capital needs for its AI expansion and its move into investment-grade debt markets.
SpaceX's bankers are preparing to meet investors as early as next week to discuss a bond offering of at least US$20 billion, two sources familiar with the matter said. The offering would mark the first time the rockets-to-AI company has issued investment-grade dollar bonds. The size of the offering is not yet set and may change. Proceeds from the debt offering would refinance a US$20 billion bridge loan that SpaceX took out earlier this year, after acquiring Musk's AI startup xAI in February. Bank of America, Citigroup, JPMorgan Chase, Goldman Sachs and Morgan Stanley provided the bridge financing and are expected to run the deal. The company's valuation surged past US$2 trillion following its Nasdaq debut last week. Its shares were down 6% in afternoon trading.