SpaceX filed to issue its first senior unsecured investment-grade notes, saying
the deal could mark the start of a large fundraising wave to finance its AI
ambitions after a record $75 bln IPO. The filing says issuance is subject to
market conditions; the notes would be unsecured and pari‑passu with all existing
and future non‑subordinated debt. Media reports say SpaceX is seeking at least
$20 bln; proceeds would repay a temporary bridge loan of roughly that size,
which makes up the bulk of the company’s $29.1 bln of long-term debt. Moody’s
and FITCH last week rated the debt Baa1 and BBB+ respectively—each three notches
above junk—while S&P assigned BBB.
