Just days after completing its initial public offering, Elon Musk's SpaceX is making another dramatic financial move and turning to the bond market for the first time in its history. The company, which raised a massive sum of $85.7 billion in the offering and became one of the highest–valued companies in the world, is capitalising on the momentum to restructure its balance sheet. The move comes amid a surge in the cash reserves of the rocket and artificial intelligence group, which crossed the $100 billion threshold and stand at $100.8 billion, while the company massively increases its spending rate.

Despite the fundraising momentum, the market reacted with concern and the stock showed a clear negative sentiment. In a demonstration of pressure from investors, the company's shares plunged by 9%, thereby completing a streak of declines for three consecutive trading days. The current debt notes issuance is intended to replace the short–term bridge financing used by the company with longer–term debt, a step that will allow it to fund its ambitious and expensive expansion plans in the fields of artificial intelligence and the development of next–generation rockets.

Musk's centralized control structure in the company remains firm even after going public, as he holds 82% of the voting power in SpaceX. Market experts emphasize that the choice of raising debt instead of issuing additional equity is intended first and foremost to serve existing shareholders.

The urgent need for cash stems from the massive investments SpaceX is making in AI infrastructure and the development of its next–generation Starship rocket. These investments continued to weigh on the company's bottom line profitability, despite the fact that it enjoys strong growth in its satellite internet business, Starlink.

The data shows that SpaceX's revenues surged last year by 33% and totaled $18.67 billion, but on the bottom line it recorded a net loss as a result of heavy expenses and the merger processes of xAI – Musk's private artificial intelligence venture.

At this stage, the company chose not to disclose the total scope of the debt notes issuance or their pricing terms. According to its reports, the proceeds received from the offering will be designated for general corporate purposes, alongside the repayment of payments and debts under the company's bridge loan agreement and the coverage of fees and expenses associated with the move. According to the official offering documents, at the end of March SpaceX held an amount of $15.9 billion in cash and cash equivalents.