Spacex raises $25B in debut bond sale, stock falls 30%

SpaceX has raised $25 billion in its inaugural bond sale, drawing nearly $90 billion in orders, just two weeks after its record IPO, according to multiple reports.

The bond sale

SpaceX upsized the offering from an initial target of $20 billion to $25 billion after receiving $89 billion in investor demand Source: The Next Web / CNBC. The five-tranche deal is managed by Goldman Sachs, Morgan Stanley, JPMorgan Chase, Bank of America, and Citigroup. Proceeds will refinance a $20 billion bridge loan used to retire high-interest debt from X and xAI, and fund AI expansion Source: The Next Web.

Market reaction

SpaceX shares closed at $154.63 on Monday, down 16% on the day, erasing over $600 billion in market value over three sessions Source: Euronews. The stock is now 30% below its intraday peak of $226 and only 3% above the IPO opening price of $150. The slide reflects investor concerns about heavy spending, despite the company holding $101 billion in cash Source: The Next Web / Euronews.

Financial picture

SpaceX reported a net loss of $5 billion in 2025 and $4 billion in Q1 2026, with negative free cash flow of $14 billion last year. Starlink contributed $4 billion in operating profit, but AI investments are consuming cash Source: The Next Web. All three major credit agencies awarded investment-grade ratings, citing SpaceX's dominant position in launch and Starlink's subscriber base while flagging execution risks Source: The Next Web.