SpaceX Sells $25 Billion in Bonds—Investors Swarm the Offering

SpaceX raised $25 billion by issuing bonds (essentially IOUs it promises to repay) on June 24. Investors rushed to buy them—the company received $90 billion in orders for $25 billion available. SpaceX will use the money to pay off an older, costlier loan before going public, locking in cheaper long-term borrowing costs.