SpaceX is moving to sell at least $20 billion of bonds as early as Tuesday, following its record‑breaking IPO that raised more than $85 billion in stock. Underwriters met investors Monday, aiming to price the debt quickly. The offering arrives after the company’s shares fell 16% for a third straight session, closing at $154.60, well below the debut high of $201.80.

The bond launch comes amid a bruising day for tech equities; Alphabet slipped 5%, Oracle lost a similar share, and the Nasdaq composite dropped 1.3%. Jay Hatfield of Infrastructure Capital Advisors warned that today’s market penalises firms that seek fresh capital, a sentiment echoed by SpaceX’s own price weakness.

Investors will weigh SpaceX’s massive cash burn against the strategic value of its satellite constellation and launch schedule. If the debt is priced favorably, the proceeds could fund upcoming Starlink expansions and new vehicle development, reducing reliance on equity markets. The outcome will test whether high‑growth innovators can sustain financing amid broader market scepticism.

Should the bond sale close near the top of the $20 billion range, SpaceX would join a short list of private‑sector firms that have tapped public debt markets at scale, signaling confidence from institutional lenders despite recent equity volatility and could influence pricing for other tech issuers.