SpaceX has raised $25bn in an institutional bond offering after its $86bn IPO and a Baa1 rating from Moody’s. Demand nearing $90bn forced bankers to upsize the issue from $20bn, pulling heavy orders into the five‑year tranche. Investors accept yields 1.1‑1.75% above U.S. Treasuries, a premium that outstrips comparable investment‑grade baskets.

The steep spread reflects concerns over SpaceX’s massive capital outlays on rockets, AI ventures and planned space‑based data centres. Fixed‑income managers favoured the shorter maturities, with $24bn of orders on the five‑year issue versus $15.5bn for the 30‑year paper. Credit analysts note the spread still tops the 0.93‑point average for similar‑rated issuers, signalling heightened risk perception overall.

Proceeds will repay a March bridge loan taken after Musk merged his debt‑laden AI startup xAI and the social platform X into the launch firm. Chinese and Hong Kong investors are barred from the sale, echoing restrictions seen in the IPO. With shares rebounding 5% after a 16% plunge, the bond pricing underscores the premium investors demand for SpaceX’s high‑stakes growth agenda recently.