SpaceX enters the bond market with $20 billion in debt and a balance sheet that reads like a sovereign wealth fund

SpaceX launched its first $20 billion investment-grade bond offering on June 22, disclosing $100.8 billion in cash while its stock fell 16% on dilution concerns. The debt retires a bridge loan from the xAI merger and funds a compute infrastructure buildout that includes a new $6.3 billion deal with Reflection AI, positioning SpaceX as a major rival to cloud hyperscalers.