SpaceX just pulled off one of the largest corporate bond deals in recent memory. The company priced $25 billion in senior unsecured notes on June 23, a cool $5 billion above its original $20 billion target, after investor orders piled up to roughly $90 billion.
Inside the bond structure
The offering spans five tranches with maturities running from 2031 to 2056. Yields range from 5.35% on the shortest-dated notes to 6.65% on the longest.
This marks SpaceX’s first-ever foray into the public bond market. The proceeds have a clear destination: repaying outstanding borrowings under a bridge loan facility tied to the company’s xAI acquisition, covering associated fees, and funding general corporate purposes.
The IPO hangover
