SpaceX's $25 Billion Bond Debut Oversubscribed 3.6x—Unusual Appetite for First-Time Issuer

SpaceX priced a $25 billion five-tranche bond offering on June 24, attracting $90 billion in orders—a 3.6x oversubscription ratio rarely seen for debut issuers with no prior debt history. Demand compressed initial pricing guidance materially. SpaceX plans to use proceeds to retire a floating-rate bridge loan due September 2027, locking in fixed borrowing costs before its planned IPO.