SpaceX bankers are preparing for a bond offering of at least $20bn, weeks after the company's record Nasdaq IPO

Bankers for SpaceX are preparing to hold investor calls as soon as next week to discuss a potential bond offering (a debt instrument sold to public or institutional investors) of at least $20 billion, according to people familiar with the matter. The calls could begin on Monday, though plans and timing may change. The prospective bond sale follows SpaceX's recent Nasdaq initial public offering (IPO — the process by which a private company first sells shares to the public), which was described as a record-breaking listing. The bond would represent one of the largest corporate bond issuances on record, deploying the company's newly public profile to access debt capital markets at scale. Elon Musk's space and satellite internet company would use the bond to refinance in full the roughly $20 billion bridge loan it took out after acquiring Elon Musk's AI company xAI in February, with any remainder for general corporate purposes. The proposed offering is reported by both Bloomberg and Reuters, with both sources noting the unconfirmed and changeable nature of the plans. No legal advisers or bookrunners are named in the available sources. The sheer scale of the potential offering — coming so soon after the IPO — signals that SpaceX intends to use its listed status to optimise its capital structure across both equity and debt simultaneously.

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