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Ten days after the biggest IPO in history, SpaceX is already back in the capital markets selling bonds. Not because it feels like it. Because it has to. This $20 billion deal is basically a refinancing drill. The bridge loan used to fund the xAI acquisition comes due in September 2027, and SpaceX needs to take it out no matter what the stock does between now and then.

SpaceX stock came out at $135, sprinted to $225, and has now been sliding for several sessions. The June 12 IPO raised more than $87 billion including greenshoe options, with demand roughly 4x the shares available. Then the sugar high wore off. Shares are down 8.3% over the last two sessions.

The debt, meanwhile, is still very real. A big chunk of SpaceX’s $29 billion in long-term debt stack is the bridge financing it inherited with xAI. So SpaceX launched its first-ever bond deal, selling senior unsecured notes to institutions under Rule 144A.

The logic is straightforward: replace bridge financing that can run as high as 12.5% with something closer to 4.58%. That cuts the annual interest bill roughly in half, to about $900 million, and locks in the cheaper funding.

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Debt is the cleaner story right now because the equity story is doing a lot. SpaceX lost about $4.9 billion in 2025 and another $4.3 billion in Q1 2026. The stock is priced at more than 100x trailing revenue, and S&P expects negative free cash flow through 2029.

More importantly, the bridge loan matures in September 2027. That date is not a suggestion. Investment-grade ratings can widen the buyer pool for a deal this big, but they do not guarantee friendly pricing.

There’s also a supply issue coming for the stock. Only about 4% to 5% of shares are in the float. If early holders start selling as soon as late July, and with the standard 180-day lockup expiring around December 2026, more stock will hit the market into a valuation that already looks stretched.

Bond pricing is the immediate test. If SpaceX prints this cleanly at investment-grade spreads, it takes a big chunk of the 2027 refinancing overhang off the table.

Then comes August 6: second-quarter earnings, and the first real public-company look at what the xAI buildout and the Cursor acquisition are actually costing.