CNBC’s Becky Quick reported that Elon Musk’s SpaceX (NASDAQ:SPCX) tapped the bond market for $25 billion in a sale that priced less than two weeks after its record-breaking IPO. The deal landed at terms typically reserved for the highest-quality corporate borrowers, signaling that fixed-income investors are willing to lend to the newly public space, connectivity, and AI company on terms close to those granted to America’s most established blue-chip companies.
SpaceX Had $90 Billion of Orders for the $25 Billion Debt Raise
According to Quick, the financing was priced across five tranches with 5, 7, 10, 20, and 30-year maturities. The benchmark 10-year notes were priced at just 1.4 percentage points above U.S. Treasuries, an unusually tight spread for a company that only recently began trading publicly. For context, the 10-year Treasury yield closed at 4.51% on June 22, 2026, near the upper end of its 12-month range that spanned 3.97% to 4.67%.
People familiar with the fundraising told CNBC that the sale drew close to $90 billion in orders, well in excess of the $25 billion offered. SpaceX said the proceeds will be used to repay a bridge loan and fund other corporate purposes, shifting the capital structure from short-term bridge financing toward a layered ladder of long-dated debt.
The Credit Market Is Treating SpaceX Like a Blue-Chip Company
The 1.4 percentage point spread on the 10-year tranche is the headline number for credit investors. Spreads in that neighborhood are typically associated with single-A or strong triple-B issuers with long, predictable cash flow histories. SpaceX is a brand-new public reporting company whose valuation, as The Atlantic recently put it, looks “untethered from traditional corporate finance metrics.” The willingness of bond buyers to take that spread and submit roughly $90 billion in orders against a $25 billion book indicates the credit market is treating the company as a strategic infrastructure operator rather than a speculative growth name.
That framing aligns with how Defiance ETFs CIO Sylvia Jablonski has described the business, arguing investors are underestimating SpaceX by viewing it solely as an aerospace firm when its multi-platform footprint spans launch operations, communications, defense, and AI connectivity. The company’s Starlink network, powered by approximately 9,600 satellites in Low-Earth Orbit, now delivers service across 164 countries, territories, and other markets, and the company has launched more than 80% of the world’s mass to orbit each year since 2023. That kind of recurring, infrastructure-like revenue base is exactly what fixed-income desks look for when underwriting investment-grade paper.
The Stock Has Slumped, But the Bond Market Isn’t Worried
The bond market’s enthusiasm contrasts with how SPCX has traded since its debut. The IPO priced at $135 and peaked at over $225 before retreating. Shares were trading near $153.57 in early action on June 24, after a 22.64% slide over the prior week. The pullback has not dented the company’s status as one of the most valuable issuers on the NASDAQ, with a market capitalization of roughly $1.16 trillion.
What to Watch Next
For stockholders, the debt raise removes a near-term overhang by extending the bridge loan and locking in financing across a 5- to 30-year maturity ladder. For credit investors, the combination of a 1.4 percentage-point 10-year spread and roughly $90 billion in demand suggests the institutional credit market has already made up its mind, even as public equity traders continue to debate the right valuation for the company.
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