SpaceX is exploring a massive bond sale worth up to $20 billion, aiming to restructure its debt while its publicly traded stock suffers a sharp decline. The aerospace company’s shares dropped over 9% in a single session, erasing approximately $59 billion from Elon Musk’s net worth, according to Forbes data.
The proposed debt offering, one of the largest corporate bond deals in history, would primarily refinance a bridge loan maturing in September 2027. Bloomberg reported that SpaceX’s long-term debt stood at roughly $29.1 billion at the end of March, and the new bonds are intended to address a significant portion of that obligation. Talks are still preliminary, with the final size and timing subject to market conditions and investor appetite.
Major Wall Street banks, including Bank of America, Citigroup, JPMorgan Chase, Goldman Sachs, and Morgan Stanley, are expected to lead the transaction. These same institutions had previously provided the bridge loan that the company now seeks to refinance. The involvement of these lenders signals continued confidence in SpaceX despite recent volatility.
The stock, trading under the ticker SPCX, fell from a previous close of $191.82 to an intraday low of $172.11 before recovering near $185. The decline followed a meteoric rally that briefly pushed SpaceX’s valuation close to $3 trillion, making Musk the world’s first trillionaire earlier this month. However, the recent pullback has reduced his wealth to around $1.2 trillion, according to Forbes.
Investors are weighing the debt plans against the recent stock turbulence and the company’s growing leverage. Beyond aerospace, SpaceX is also expanding into artificial intelligence, reportedly exploring an acquisition of Anysphere, the developer behind Cursor AI. Despite the challenges, retail and institutional interest remains high, with some investors previously taking out loans to participate in the IPO.
The $20 billion bond deal could become a key test of market confidence in SpaceX’s financial strategy and its ability to manage a large debt burden while navigating stock price fluctuations.