SpaceX’s US$25 billion bond issuance, the first since its IPO on 12 June, was the largest corporate issuance of June – and surpassed sub-sovereign offerings including the Agricultural Development Bank of China (US$20.45 billion) and the European Union (US$18.39 billion).
The issuance is split into US$7 billion of senior notes due 2031 with a 5.350% coupon, US$6 billion due 2036 with a 5.875% coupon, US$2.5 billion due 2046 with a 6.600% coupon, and US$3.5 billion due 2056 with a 6.650% coupon.
Proceeds will be used to repay outstanding borrowings from SpaceX’s US$20 billion bridge loan, which was taken in March to refinance company debt. Remaining capital will be used for general corporate purposes.
Fitch Ratings gave the notes a BBB+ credit rating, while Moody’s assigned a Baa1 rating and S&P Global provided a BBB rating.
In 2025, SpaceX generated US$18.6 billion in revenues – but made a US$4.3 billion net loss.
On the day of its IPO, SpaceX accounted for about 1 in 7 of all S&P 500 large-cap shares traded.
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Since then, the company has lost US$850 billion – a third – of its initial valuation.
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