Space Exploration Technologies Corp. priced its inaugural $25.0 billion senior unsecured notes sale in five tranches: $7.0 billion of 5.350% notes due 2031, $6.0 billion of 5.650% notes due 2033, $6.0 billion of 5.875% notes due 2036, $2.5 billion of 6.600% notes due 2046, and $3.5 billion of 6.650% notes due 2056.
The company said the notes are unsecured obligations that rank equally in right of payment with its existing and future unsubordinated indebtedness and other obligations. Settlement is expected on June 26, 2026, subject to customary closing conditions.
SpaceX said the proceeds will be used to repay outstanding borrowings under its bridge loan facility in full, pay related fees and expenses, and fund general corporate purposes. The bonds are being sold in a private placement to qualified institutional buyers under Rule 144A and to non-U.S. investors under Regulation S. The bridge facility, arranged in March 2026, had an aggregate principal amount of $20 billion and a stated maturity in September 2027, with two optional three-month extensions.
Reuters reported the bond sale drew nearly $85 billion of orders. Earlier in June, Moody’s, Fitch and S&P assigned SpaceX investment-grade ratings of Baa1, BBB+ and BBB, respectively, each with a stable outlook. Bloomberg reported the 2036 notes priced at a spread of 1.4 percentage points above Treasuries, about 0.4 percentage point wider than the average spread for similarly rated BBB debt.