SPCX’s Next Big Raise — SpaceX Reportedly Readies $20B Bond Offering To Refinance Debt

• Bankers are expected to begin investor outreach as early as next week.
• Proceeds would refinance a $20-billion bridge loan due in September 2027.
• The deal would mark SpaceX’s debut in the investment-grade bond market.

SpaceX (SPCX) is reportedly preparing to tap debt markets just days after its record-setting IPO, with bankers expected to begin discussions with investors as early as next week about a potential bond sale worth at least $20 billion.

The development follows a more upbeat view from Oppenheimer earlier in the day, with the firm citing increased confidence in SpaceX’s AI strategy and its recent acquisition of coding startup Cursor.

The SPCX stock extended its decline for a second straight session on Thursday, falling as much as 10% during intraday trading after dropping nearly 5% on Wednesday. However, the stock recovered some losses in late-afternoon trading and, at the time of writing, was down 3.5%.

SPCX Eyes First Investment-Grade Bond Sale

SpaceX is planning to issue investment-grade U.S. dollar bonds for the first time. The bond offering could begin with investor calls as soon as Monday, though the timing and size remain subject to change, reported Bloomberg, citing people familiar with the matter.

Proceeds from the sale would be used to refinance a temporary $20-billion bridge loan that comes due in September 2027. In its IPO filing, the company said the bridge facility accounted for the majority of its $29.1 billion in long-term debt as of March 31.

Bank of America, Citigroup, JPMorgan Chase, Goldman Sachs and Morgan Stanley provided the bridge financing and are expected to manage the transaction, according to the report.

SPCX’s Funding Growth After Blockbuster IPO

SpaceX’s blockbuster public debut made it one of the world’s most valuable listed companies and elevated founder Elon Musk to trillionaire status. The company’s acquisition of xAI in February also put the spotlight on the IPO ambitions of rivals Anthropic (ANTHZZX) and OpenAI (OPEAZZX), both of which are expected to go public as soon as this year.

The company has told investors it secured investment-grade ratings from three major agencies, potentially allowing it to borrow at lower costs, reported Bloomberg. In its filing, SpaceX said capital expenditures are expected to rise substantially and that it plans to rely on a combination of debt and equity financing to support future investments.

Oppenheimer Sees More Upside

Separately, Oppenheimer raised its price target on SpaceX to $250 from $190, implying an upside of 26% from Wednesday’s close, and reiterated its ‘Outperform’ rating.

The firm said increased visibility into the Cursor acquisition and stronger conviction in the company’s AI-driven strategy supported the higher target. Oppenheimer believes SpaceX controls every layer of the AI stack, spanning compute, models, data and applications, giving it advantages in both cost and quality. The firm also expects additional acquisitions as part of the company’s long-term strategy.

SPCX Stock: What Retail Traders Feel

Retail sentiment on Stocktwits around SPCX was ‘bullish,’ with message volume being ‘extremely high.’

One bullish retail investor dismissed the recent selloff, saying bearish sentiment was exaggerated as the stock had been public for less than a week.

Another bullish investor said big money is unlikely to let the stock fizzle out and added that the “stock will definitely jump back up again.”

Over the past seven days, message volume around SPCX has surged 1,570%.

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