SpaceX Raises $25B in Unsecured Bonds, Oversubscribed 3x, but Stock Falls 13% in Week

SpaceX raised $25 billion in unsecured senior notes on June 22, originally targeting $20 billion but increasing the size due to nearly $90 billion in subscription orders—more than 3 times oversubscribed. The company, which listed on Nasdaq less than two weeks prior on June 12, is deploying the capital to repay bridge loans, fund daily operations, and accelerate development of Starship, Starlink expansion, and AI computing infrastructure. However, the aggressive debt issuance weighed on market sentiment, with SpaceX stock declining over 13% in the week following the announcement, ending the initial post-IPO rally. Analysts note that institutional investors holding both equity and debt face concentrated risk tied to Starlink commercialization and Starship program success, limiting diversification benefits.
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