Elon Musk's spacecraft maker Space Exploration Technologies Corp. or SpaceX (SPCX) is preparing to issue an investment-grade bond offering of at least $20 billion to refinance a temporary bridge loan due in September 2027, reports said citing sources familiar with the matter.
SpaceX's bankers are preparing to meet investors as early as next week to discuss ?the bond offering as the firm seeks funding for its ambitious and capital-intensive AI expansion.
The proceeds from the debt offering would refinance the company's $20 billion bridge loan that was taken earlier this year following the acquisition of Musk's AI startup xAI.
Earlier this week, SpaceX announced that its wholly-owned subsidiary X67, Inc. has agreed to merge with and into Cursor, the AI coding startup developed by Anysphere, Inc., in an all-stock deal valued at about $60 billion.
The plans for bond sale follows SpaceX's recent IPO, in which it raised around $86 billion and pushed its market valuation to more than $2 trillion.
Since the IPO, the largest stock market debut in history, the stock had surged around 42 percent, reaching above $200. Meanwhile, the stock started its downward trend on Wednesday, and closed Thursday's regular trading at $185.00, down 3.56 percent.
As per the reports, the bond offering is anticipated to be managed by the same institutions that provided the initial bridge financing. They include Bank of America, Citigroup, JPMorgan Chase, Goldman Sachs, and Morgan Stanley.
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