SpaceX Attracts $89 Billion Demand for First U.S. Bond Sale

SpaceX attracted $89 billion in investor demand for its first U.S. bond sale. The company plans to raise between $20 billion and $25 billion through a five-tranche offering scheduled to price the same day, with price talk on the 2056 notes tightening to 1.75 percentage points above Treasuries.

Goldman Sachs, Morgan Stanley, JPMorgan Chase, Bank of America and Citigroup are managing the transaction. Proceeds will refinance a $20 billion bridge loan that carried an effective interest rate of about 4.5 percent. That loan had retired roughly $17.5 billion of high-interest junk debt accumulated by X and xAI.

SpaceX acquired xAI in February 2026. It purchased Anysphere, maker of the Cursor coding tool, for $60 billion in an all-stock deal days after the IPO. The IPO, completed less than two weeks before June 23, raised $75 billion by selling shares at $135 each and valued the company at roughly $1.75 trillion.

Shares climbed to $225 after the offering before falling more than 30 percent from that peak. In premarket trading the shares declined 4.3 percent and traded below the first-day opening price of $150. Moody’s, Fitch and S&P each assigned SpaceX investment-grade ratings with stable outlooks on June 18.

As of June 19 the company held $101 billion in cash and $29 billion in long-term debt. SpaceX recorded a net loss of nearly $5 billion for 2025 and $4 billion in the first quarter of 2026, along with negative free cash flow of $14 billion last year. Starlink produced $4 billion in operating profit during 2025.