SpaceX is preparing to raise at least $20 billion through a bond offering, according to a Financial Times report based on capital market sources. The company is expected to begin investor meetings as soon as next week, in what would be another major financing step shortly after its record equity sale.
Last week, SpaceX completed a share offering priced at $135 a share that raised $75 billion, the largest such deal in history. That transaction pushed the company’s market value above $2 trillion and made founder Elon Musk the first person in the world whose net worth surpassed $1 trillion.
Most of the new debt is expected to refinance a $20 billion bridge loan due in September 2027. That loan is the largest part of SpaceX’s $29.1 billion in long-term debt at the end of the first quarter. The planned borrowing also highlights the company’s huge funding needs as it pours billions into artificial intelligence expansion, including data centers, energy infrastructure, advanced computing equipment, and the next generation of Starlink satellites.
According to company figures, SpaceX lost $4.28 billion in net terms on revenue of $4.69 billion in the first quarter of 2026, compared with a $528 million loss in the same period a year earlier. The company says it is increasing spending on the assumption that its AI investments will drive strong growth in the coming years. The report also said SpaceX holds 18,712 bitcoin purchased for about $661 million, worth roughly $1.29 billion at the end of March. Despite the enthusiasm around the offering, the stock was volatile in early trading, falling about 5% on Wednesday and as much as 10% intraday on Thursday as investors questioned whether the company can justify its valuation amid heavy AI spending.
