SpaceX announced the launch of a senior unsecured note issuance on Monday and disclosed that it currently holds approximately $100.8 billion in cash reserves. Affected by this news, the company's stock price fell by approximately 7%. The aerospace and artificial intelligence company plans to use the proceeds to repay bridge loans and for other general corporate purposes.
SpaceX's bond debut comes just days after it completed its record-breaking initial public offering (IPO). After the underwriters exercised the "green shoe mechanism" (over-allotment option), the IPO raised nearly US$86 billion and made Musk the world's first trillionaire.
Since its listing on June 12, SpaceX's stock price has soared, and its market value briefly surpassed Amazon. At present, the company has surpassed Broadcom, Meta and Musk's Tesla.
There were reports late last week that SpaceX was preparing to meet with investors this week to advance a bond issuance plan of approximately US$20 billion.
The company's move is aimed at raising funds for its ambitious artificial intelligence expansion, which will eventually include building data centers in space.