SpaceX's $25 Billion Debut Bond Draws 3.6x Oversubscription—Rare Appetite for Unproven Issuer

SpaceX priced its inaugural $25 billion five-tranche bond offering on June 24, drawing $90 billion in orders—a 3.6x oversubscription ratio unusual for a first-time issuer with no prior debt market history. The order book compressed pricing materially from initial guidance. Institutional demand of this magnitude typically reserves for established aerospace and defense credits. SpaceX plans to retire its outstanding floating-rate bridge loan due September 2027, locking in fixed costs ahead of its planned IPO.