Record-Breaking IPO and 35 Trillion Won Corporate Bonds: Space Companies Accelerate Fundraising

Space Exploration Technologies Corp. (SPCX) followed its June 11 agreement for a large‐scale common stock underwriting in a global offering by finalizing $25 billion (approximately KRW 35 trillion) of unsecured senior notes in multiple tranches on June 23. On June 26, the company executed a trust agreement with Bank of New York Mellon Trust Company and completed the issuance of senior notes under Rule 144A and Regulation S, with maturities staggered from 2031 through 2056. Proceeds will be used to fully repay its bridge loans and for general corporate purposes.

Credit rating agency S&P assigned an investment‐grade BBB rating to the notes. Immediately after issuance, credit‐default swap trading linked to SpaceX began, underscoring the company’s growing footprint in the debt markets. Market observers view this as a follow‐up to SpaceX’s record‐largest IPO, converting short‐term funding for satellite internet, launch vehicles, and AI infrastructure into long-term debt.

SpaceX is a premier space and communications company that recently raised substantial capital through its Nasdaq listing, leveraging an integrated business model encompassing launch vehicles, satellite communications, and AI infrastructure. Amid the U.S. high‐interest‐rate environment and the significant capex demands of the space and satellite communications sectors, peer companies worldwide are likewise pursuing large‐scale financing through a combination of equity offerings and long-term corporate bonds.