SpaceX is pursuing a plan to raise at least $20 billion through its first investment-grade bond issue.

On June 19 local time, blockchain media outlet Cryptopolitan reported that SpaceX is expected to begin investor briefings as early as next week. The funding is expected to be used to replace temporary financing linked to the xAI acquisition.

The core of the bond sale is a restructuring of its borrowing. After absorbing xAI in February, SpaceX raised a $20 billion loan earlier this year from five Wall Street banks. The loan matures in September 2027 and, as of March 31, accounts for most of its $29.1 billion in long-term debt, based on listing documents filed with the U.S. Securities and Exchange Commission.

Bank of America, Citigroup, JPMorgan, Goldman Sachs and Morgan Stanley, which took part in the existing loan, are expected to participate again as lead managers for the bond issue. SpaceX appears to be entering the corporate bond market immediately after listing to swap short-term funding for relatively stable long-term capital.

The backdrop is a growing burden from AI investment. SpaceX’s market value topped $2 trillion after its Nasdaq listing last week, but the market is also weighing how massive spending needed for AI expansion will affect profitability and finances. After the stock surged in the first two trading days after listing, it fell 6 percent on June 18, a move seen as reflecting that assessment.

Performance figures point in the same direction. SpaceX posted first-quarter 2026 revenue of $4.69 billion and a net loss of $4.28 billion. A year earlier, it had revenue of about $4 billion and a net loss of $528 million. Expanding its AI business, which requires tens of billions of dollars for data centres, power and computing hardware, is weighing on earnings, it suggests.

Still, it has secured a future revenue base. Alphabet committed to $30 billion in computing power under a cloud contract running through mid-2029. Anthropic also has a contract worth about $45 billion over roughly 3 years. These deals are expected to serve as medium- to long-term revenue sources for SpaceX.

Credit ratings are also supporting conditions for the bond sale. Moody’s assigned SpaceX a Baa1 rating on June 18, Fitch gave it BBB+ and S&P Global Ratings assigned BBB. All three are investment grade, above speculative grade. This has led to an assessment that conditions are in place to broaden the institutional investor base and lower borrowing costs.

Matt Woodruff of CreditSights told Bloomberg that SpaceX would want to "quickly build a track record in the bond market" and that "the sooner the better" given it will need money for capital spending. SpaceX said in its listing documents that capital expenditure will rise significantly, and stated it plans to use "various debt and equity financing tools" to fund future investment.

Against that backdrop, this bond issue is expected to be the first test of using the listing boost to tidy up its financial structure. If it successfully refinances $20 billion on the strength of its investment-grade rating, SpaceX would reduce its increased borrowing burden after the xAI acquisition and move a step closer to securing funding for future AI infrastructure investment.