SpaceX’s bankers are preparing investor calls as soon as next week for a bond offering of at least $20 billion, Bloomberg reports, sending Elon Musk’s freshly public conglomerate back to the capital markets within days of completing the largest IPO on record. The proceeds are earmarked to refinance the $20 billion bridge loan that Bank of America, Citigroup, JPMorgan Chase, Goldman Sachs, and Morgan Stanley extended in February to fund SpaceX’s absorption of xAI. The same syndicate is expected to run the bond deal.

The choreography is unusually compressed. On Thursday, Moody’s, Fitch, and S&P Global Ratings each assigned SpaceX an investment-grade rating, which the bridge syndicate needs to place the paper into the deepest pools of institutional capital. SPCX closed down nearly 4% on the day, capping an 8.3% slide over two sessions. Public markets, having priced the IPO, are now pricing the debt.

The S-1 made the math hard to ignore. SpaceX carried $29.1 billion in long-term debt as of March 31. The company lost nearly $5 billion in 2025, and posted a $4.28 billion net loss on $4.69 billion of revenue in Q1 2026, with losses more than quadrupling year-over-year. The AI division alone burned $6.4 billion against $3.2 billion of revenue last year.

What’s funding the burn, for now, are two contracts: a $30 billion cloud-computing deal with Alphabet’s Google running through mid-2029, and a roughly $45 billion arrangement with Anthropic over the next three years. Analysts model revenue climbing from $35.88 billion in 2026 to $177 billion by 2030, the year free cash flow is projected to turn positive.

That’s a long runway, and the bridge loan matures in September 2027. Hence next week’s calls.

In the pre-IPO investor presentation, Musk reportedly compared SpaceX to “kind of like the Union Pacific”, a 19th-century infrastructure analogy that does real work here. The transcontinental railroad was built on federal land grants and bond issuance that wouldn’t pencil out for decades. The bondholders got paid. The equity holders, mostly, didn’t.

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