NEW YORK — SpaceX's first trip to the bond market turned into a show of force, and the stock followed. The newly public rocket and satellite company — SpaceX, NASDAQ: SPCX — drew roughly $89 billion of investor demand for its debut investment-grade offering, more than four times the size of the deal itself, helping $SPCX snap a three-day selloff that had erased hundreds of billions in market value.
The order book ranks among the largest U.S. high-grade bond sales of the year. All three major rating agencies blessed the offering with investment-grade marks, with Moody's at Baa1, Fitch at BBB-plus, and S&P at BBB, each with a stable outlook. The reception also helped debunk chatter about a cash crunch: in connection with the sale, SpaceX disclosed roughly $100.8 billion in cash and equivalents as of June 19.
A Vote of Confidence in the Tape
The demand marked a sharp turn in sentiment after a volatile stretch for the stock since its record June IPO. As we noted in our coverage of the pullback, $SPCX had slid as SpaceX tapped the bond market, with profit-taking weighing on shares. The oversubscribed book reframed the story, signaling that institutional investors remain eager to finance the company's ambitions.
Proceeds from the sale will refinance a $20 billion bridge loan that SpaceX used earlier this year to retire roughly $17.5 billion of higher-cost debt tied to X and xAI. Replacing short-term, higher-cost borrowing with longer-dated, lower-cost notes gives SpaceX more flexibility to fund Starship, the Starlink constellation, and its AI buildout.
