SpaceX pulled off the biggest IPO in history less than two weeks ago. The stock has already started to cool off, and the company is already planning its next financial maneuver: a massive bond offering worth at least $20 billion.
Shares priced at $135 on June 11, valuing the rocket and satellite giant at roughly $1.75 to $2 trillion. They surged to around $160 to $161 in early trading, giving IPO-day buyers a quick win. Then gravity did what gravity does.
The post-IPO hangover
After that initial pop, SpaceX stock pulled back between 3% and 6% from its highs.
Shares remain well above the $135 IPO price, which means anyone who got in at the offering is sitting on gains. The frothiest buyers, the ones chasing the stock at $160, are the ones licking their wounds.
The institutional appetite on day one was staggering. ARK Invest, Cathie Wood’s flagship fund known for its aggressive bets on disruptive technology, scooped up approximately 3.3 million shares on IPO day alone. That position was worth north of $500 million.
A $20 billion bond sale enters the picture
The company is preparing a bond offering expected to raise at least $20 billion, with investor calls anticipated to kick off the week of June 23.
The purpose of this debt raise is not to fund new rocket development or satellite launches. It is designed to refinance a bridge loan that SpaceX took on when it acquired xAI, the artificial intelligence startup founded by Elon Musk.
The Bitcoin treasury angle
SpaceX holds a Bitcoin treasury valued at $1.29 billion. This detail became part of the liquidity conversation during the IPO process, and it adds an unusual dynamic to the company’s balance sheet.
The $1.29 billion figure is notable but not enormous relative to SpaceX’s overall valuation. It represents a fraction of a percent of the company’s market cap.
What this means for investors
The bond offering adds a new variable. If SpaceX successfully raises $20 billion in debt at favorable rates, it validates the company’s creditworthiness and removes the overhang of the bridge loan.
For crypto-focused investors, the dual exposure story is compelling. Owning SpaceX stock means owning a piece of a company with $1.29 billion in Bitcoin, exposure to Starlink’s growing satellite internet business, and now a connection to xAI’s artificial intelligence ambitions.