SpaceX’s bankers are preparing to meet investors as early as next week to discuss a bond offering of at least $20 billion, according to a Reuters report which cited two sources familiar with the matter. This comes as the newly public company seeks funding for an ambitious, capital-intensive AI expansion.
The offering would mark the first time the rockets-to-AI company has issued investment-grade dollar bonds. The size of the offering is not yet set and may change, the source said. Proceeds from the debt offering would refinance the bridge loan SpaceX took earlier this year as it acquired xAI.
The report mentioned that Bank of America, Citigroup, JPMorgan Chase, Goldman Sachs and Morgan Stanley provided the bridge financing and are expected to run the deal.
SpaceX’s valuation had surged past the $2 trillion mark following its much-anticipated IPO. While its shares initially went up, they fell 3.6% Thursday to just under $184.98 a share. The stock’s five-day volume-weighted average price, or VWAP, is $181.71 a share. VWAP measures the average price a security has traded throughout the day, weighted by trading volume and is widely used by traders to gauge investors’ positioning. This suggests that the average post-IPO buyer is now approximately breaking even.
Read: SpaceX briefly tops Amazon, Microsoft in market value race (June 17, 2026)
The decline has also narrowed the profits for thousands of retail investors who gained access to the IPO through brokerage platforms including Robinhood, Fidelity and SoFi. While many individual investors received only a fraction of the shares they requested, those allocations were purchased at the $135 offering price, leaving them with gains even after the decline. However, investors are now reassessing whether the company’s rich valuation can be justified by its costly AI push.
SpaceX recently announced that it has entered a definitive agreement to acquire Anysphere Inc., the San Francisco-based startup behind the popular artificial intelligence coding assistant Cursor, in an all-stock transaction valued at $60 billion. It reportedly plans to use this acquisition to improve its Grok AI ecosystem, bolstering its competition with OpenAI and Anthropic.
Cursor, founded in 2022, has been at the forefront of the “vibe coding” trend, a phenomenon where software engineers autonomously generate computer programming code using conversational language. The platform brings a lucrative enterprise customer base that includes major tech corporations like Adobe, Stripe, and Nvidia Corporation, generating approximately $2.6 billion in annualized business-to-business revenue.