June 22nd saw SpaceX’s share price tumble 16.4 per cent, and an overall fall of 31 per cent since the IPO’s all-time high. This fall represented a $927 billion (€816.5bn) fall over just three days of trading.

SpaceX issued a Bond offering on June 22nd which didn’t help market confidence. The Bond is looking to raise more than $20 billion to “refinance debt and fund AI expansion” as well as replacing a $20 billion bridging loan taken earlier this year and after SpaceX acquired Elon Musk’s xAI start-up in February.

SpaceX has total long-term debt of about $29.1 billion.

The Bond will also be supporting ongoing projects like the Starship rocket programme and the Starlink satellite network, which already serves over 12 million subscribers globally

SpaceX now has secured investment grade ratings from the ‘big three’ ratings agencies. Moody’s (Baa1), Fitch (BBB+), and S&P (BBB), all of which positions the company to access institutional debt markets at lower borrowing costs.

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Categories: Blogs, Business, Inside Satellite, IPO, Satellite

Tags: IPO, Moodys, spacex