Goldman Sachs joins SpaceX’s $25 billion debt sale after record IPO

SpaceX turned to Goldman Sachs and four other banks for a $25 billion senior unsecured notes sale days after closing its record IPO, a sequencing test for the firm’s equity, debt, syndicate and coverage teams. The offering drew roughly $89 billion to nearly $90 billion in orders, showing how quickly a marquee client can move from stock issuance to leverage financing.

SpaceX closed its IPO on June 15 with about $85.7 billion in gross proceeds after underwriters fully exercised the 83.3 million-share overallotment. The company said the offering covered 638,888,888 shares of Class A common stock in all, and the shares were priced at $135 on June 11. Goldman Sachs and Morgan Stanley were among the brokers involved in the greenshoe exercise, keeping the same names on both sides of the financing stack.

The debt sale came with a fuller balance-sheet picture than the IPO alone suggested. SpaceX disclosed about $100.8 billion in cash and cash equivalents as of June 19, then marketed the bonds as five tranches of senior unsecured notes. The company said the proceeds would first repay bridge financing, then cover fees and expenses, with the rest reserved for general corporate purposes. Reports placed that bridge facility at about $29.1 billion in long-term debt.

SpaceX also had the ratings support to pull it off. Moody’s assigned Baa1, Fitch gave BBB+, and S&P Global Ratings issued BBB, all with stable outlooks. That investment-grade access widened the buyer base for the notes and helped explain why the book could get so large so fast.

For Goldman, the deal is a clean example of what clients now expect from a top-tier bank: not just one financing, but a coordinated sequence across product lines. Coverage bankers, ECM, DCM and syndicate had to move in lockstep as the same issuer went from a blockbuster IPO to a bond sale in less than two weeks. For analysts and associates, that is the kind of file that can carry weight in league-table reviews and in year-end bonus conversations, because the work depends on speed, precision and constant responsiveness.

SpaceX said the capital would support AI expansion, including data centers and related infrastructure, alongside rocket and Starship-related spending. In practice, that means Goldman’s relationship work was not about a single transaction, but about proving the firm could stay useful as the company kept stacking capital markets moves on top of each other.