SpaceX, the aerospace company of magnate Elon Musk, is preparing to enter the debt market with a bond issuance of up to 20 billion dollars (17.5 billion euros). With this operation, the company intends to refinance a bridge loan that matures in just over a year, a few days after its stock market debut with the largest initial public offering (IPO) ever made.
Thus, the financial institutions collaborating with SpaceX will begin a round of presentations and meetings with investors next week to structure the issuance, according to the agency "Bloomberg" based on sources familiar with the process, who warn that the schedule and details of the plan could be modified.
The bonds to be issued will have a high credit rating, after the company has obtained "BBB" level ratings from the three major rating agencies, which opens the door for SpaceX to access financing on more advantageous terms.
In this regard, Moody's and Fitch have granted SpaceX's debt ratings of "Baa1" and "BBB+", respectively, placing it three notches above speculative grade. For its part, S&P Global has assigned Elon Musk's company a rating of "BBB", one notch lower.
The specific objective of the operation is to replace a 20 billion dollar bridge loan maturing in September 2027, which represented the largest portion of SpaceX's long-term debt. This liability reached 29.1 billion dollars last March.
Bank of America, Citigroup, JPMorgan Chase, Goldman Sachs, and Morgan Stanley will act as coordinating entities for the bond issuance. These same banks were the ones that originally granted the bridge loan to SpaceX, according to sources cited by Bloomberg.
Financial Results and Stock Market Listing
In the documentation submitted to the Securities and Exchange Commission (SEC) for its stock market listing, SpaceX detailed that, in the first quarter of 2026, it registered losses of 4,276 million dollars (3,695 million euros), multiplying by eight the "red numbers" of 528 million dollars (456 million euros) from the same period in 2025, while revenues stood at 4,694 million dollars (4,056 million euros), 15.4% more year-on-year.
In the set of 2025, SpaceX recorded losses of 4.937 billion dollars (4.266 billion euros), compared to the profits of 791 million dollars (684 million euros) obtained in 2024. At the same time, the company's turnover increased by 33.2% last year, to 18.674 billion dollars (16.137 billion euros).
SpaceX's IPO finally allowed the firm to raise approximately 85.7 billion dollars (73.855 billion euros), after the placing entities fully exercised the over-allotment option ("greenshoe").