SpaceX 首發投資級公司債「狂吸 890 億鎂」！超額認購近 4 倍，馬斯克為 xAI 與星艦鋪路

According to Bloomberg, SpaceX’s first issuance of U.S. investment-grade corporate bonds attracted purchase orders of up to $89 billion, nearly 4 times oversubscribed. The bond offering plans to raise $20 billion to $25 billion, mainly to refinance bridge loans related to xAI and the X platform integration, and to support the massive capital expenditures for its subsequent AI and Starship (Starship) projects.
(Background: SpaceX victim cries! Bet all $18,000 in university tuition, $SPCX but it fell below the issuance price)
(Additional context: SpaceX suffered three consecutive black days and opened below the $150 opening price; the female stock guru added to her ARK holdings, nearly $300 million)

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• Raising up to $25 billion, targeting xAI and Starship
• Nearly 4x oversubscription, bond and stock markets are different
• Financial strategy of tech giants: locking in long-term low-interest funding

Elon Musk’s space exploration company SpaceX’s influence in the capital markets is spreading from the stock market to the bond market. According to the latest report published by Bloomberg on June 23, 2026, SpaceX’s first issuance of U.S. investment-grade corporate bonds (Investment-grade bond) immediately triggered a frenzy in the fixed-income market, attracting huge orders of up to $89 billion.

This bond issuance plan is only a few weeks away from SpaceX’s record-setting initial public offering (IPO). At the time, SpaceX raised about $86 billion in total, including the greenshoe option, and set an astonishing valuation of $1.75 trillion to $1.8 trillion. And this time, as it moves into the bond market again, it once more demonstrates the company’s unmatched capital-raising ability.

Raising up to $25 billion, targeting xAI and Starship

The report states that the target size of this bond issuance for SpaceX falls between $20 billion and $25 billion, with maturities spanning multiple terms, including 5 years to 30 years. These bonds have already rapidly received a “BBB” investment-grade rating from major credit rating agencies. This rapid rating recognition is a key driver in attracting a wide range of institutional investors to enter.

In terms of how the funds will be used, SpaceX’s bond issuance is mainly for refinancing a bridge loan of about $20 billion—closely related to the integration plan involving xAI and the X platform. In addition, the remaining funds will be invested for general corporate operating purposes and to support its extremely large capital expenditures (Capex) in artificial intelligence (AI), Starlink, and Starship projects.

Nearly 4x oversubscription, bond and stock markets are different

Notably, according to financial data as of mid-June, SpaceX’s cash on hand has already exceeded $100 billion. Despite holding abundant cash, fixed-income market investors still enthusiastically buy in, with order demand reaching 3.5 to 4 times the expected issuance size, demonstrating a high level of confidence in Musk’s business.

This stands in sharp contrast to SpaceX’s recent performance in the stock market. Due to the overall weakness in tech stocks and concerns about the market regarding its massive short-term cash burn (Cash burn), SpaceX’s stock price has faced heavy sell-offs over the past several trading days, with its market capitalization evaporating by hundreds of billions of dollars.

Financial strategy of tech giants: locking in long-term low-interest funding

From the perspective of overall macroeconomic and corporate financial strategies, SpaceX’s move fully aligns with the current trend among large tech and AI-related companies. Just like NVIDIA, the dominant AI chipmaker, which recently carried out a massive bond issuance, these tech giants—despite sitting on huge cash piles—still choose to actively enter the bond market. The core purpose is to take advantage of the current investment-grade interest rate environment to lock in long-term, stable financing costs, optimizing their balance sheets and preparing for future R&D spending in the astronomical range.

It is understood that this batch of bonds, which is highly sought after by the market, is expected to complete pricing soon. Analysts expect that the yield pricing will carry a certain premium (Premium) relative to U.S. Treasuries. This reflects that the market still holds a degree of caution regarding SpaceX’s aggressive growth path and future execution risks, resulting in a moderate risk premium and a prudent approach to pricing.