SpaceX, Elon Musk's space exploration company, has expanded its capital market presence from equities to bonds. According to a Bloomberg report on June 23, 2026, SpaceX issued its first U.S. investment-grade corporate bond, triggering a wave of demand in fixed-income markets, with total orders reaching an eye-popping $89 billion — nearly 4x oversubscribed.
$89 Billion in Orders: SpaceX Makes Bond Market Debut
The bond sale comes just weeks after SpaceX's record-setting IPO, which raised approximately $86 billion (including the greenshoe option) and valued the company at $1.75 trillion to $1.8 trillion. The new bonds carry maturities ranging from 5 to 30 years and have been assigned a BBB investment-grade rating by major agencies, clearing the way for institutional investors.
Targeting $25 Billion: Fuel for xAI and Starship
The offering aims to raise between $20 billion and $25 billion. Proceeds will primarily refinance a roughly $20 billion bridge loan tied to the integration of xAI with the X platform. Remaining funds will support general corporate purposes and massive capital expenditures for AI, Starlink, and Starship projects.
Oversubscribed 4x vs Stock Selloff: A Tale of Two Markets
As of mid-June, SpaceX held over $100 billion in cash. Despite this cash pile, bond investors eagerly subscribed, generating demand 3.5 to 4 times the expected issuance size. This contrasts sharply with the stock market: tech weakness and concerns over near-term cash burn have driven SpaceX's stock down sharply in recent sessions, wiping out hundreds of billions in market value.
Locking in Long-Term Low-Cost Debt
SpaceX's move mirrors a broader trend among tech and AI giants, such as Nvidia's massive bond issuance. These companies, even with huge cash reserves, tap the bond market to lock in low long-term financing costs, strengthen balance sheets, and fund enormous R&D spending.
Pricing is expected soon. Analysts predict a premium over Treasuries, reflecting the market's cautious pricing of SpaceX's aggressive growth trajectory and execution risks.