Marathon Asset Management CEO Bruce Richards put it bluntly during a Bloomberg appearance on June 11, 2026, calling SpaceX the “biggest rising star of all time” in credit markets. The timing is no accident. SpaceX is gearing up for what could become the largest initial public offering in history, with plans to price shares at $135 each and raise approximately $75 billion.
The refinancing math
Here’s the thing about the $20 billion loan: it’s not really about raising new capital. The deal refinances approximately $17.5 billion of higher-cost debt, which translates to savings of around $1 billion annually on debt service costs alone.
The syndicate behind the deal reads like a who’s who of Wall Street. Goldman Sachs, Bank of America, Citi, JPMorgan, and Morgan Stanley all lined up to participate.
An IPO that dwarfs Saudi Aramco
