SpaceX's IPO filing discloses a $20 billion bridge loan arranged by major banks including Goldman Sachs and JPMorgan, used to retire $17.5 billion in high-interest junk debt accumulated by X and xAI. The refinancing cut Musk's combined annual interest costs roughly in half to around $900 million, dropping the effective rate from as high as 12.5% to 4.58%. The move cleaned up SpaceX's balance sheet ahead of what is expected to be the largest IPO in history, targeting a Nasdaq listing under SPCX at a ~$1.75 trillion valuation with up to $75 billion raised. Despite the refinancing, SpaceX still carries significant debt including $9 billion in other financings and reported a $4.9 billion loss in 2025 on $18 billion in revenue.
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