SpaceX Slips After Record IPO as It Lines Up $20 Billion Bond Plan

Overview

• SpaceX completed a record IPO on June 12 that raised roughly $75 billion and valued the company above $2 trillion, a move that made Elon Musk the first reported trillionaire.
• Shares rallied strongly after the debut but then fell about 5% in the company’s first post‑IPO decline during broad U.S. market selling, with a very small free float of roughly 4.2% amplifying price swings.
• The company told investors it has secured investment‑grade ratings from three major agencies and banks are arranging investor calls about a possible dollar bond offering of at least $20 billion to refinance a $20 billion bridge loan due in September 2027.
• SpaceX reported revenue growth—about $18.7 billion in 2025—but posted multibillion‑dollar net losses, and it cites large multi‑year commercial contracts, including roughly $30 billion from Google and about $45 billion from Anthropic, as backing for future cash flow.
• Governance moves include the immediate appointment of Roelof Botha to the board and audit committee, and investors should watch for lockup expirations and the planned bond sale because they could affect share liquidity, borrowing costs, and the company’s ability to fund large capital plans for satellites and AI infrastructure.