SpaceX bankers prepare for potential US$20 billion bond offering, sources say

⁠SpaceX’s bankers are preparing to meet investors as early as next week to discuss a bond offering of at least US$20 billion, two sources familiar with the matter said ‌on Thursday, as Elon Musk’s newly public company seeks funding for an ambitious and capital-intensive AI expansion.SpaceX’s AI ambitions come with a steep price tag, requiring tens of billions of dollars in investment for data centres, computing hardware and power infrastructure.The offering ⁠would mark the first time the rockets-to-AI company has issued investment-grade dollar ‌bonds. The size of the offering is not yet set and may change, the source said.Proceeds from the ‌debt offering would refinance a US$20 billion bridging loan that SpaceX ⁠took out ⁠earlier this year, after acquiring Musk’s AI start-up xAI in February.Bank of America, Citigroup, ‌JPMorgan Chase, Goldman Sachs and Morgan Stanley provided the bridge financing and are expected to run ‌the ‌deal, one of the sources said.The rockets-to-AI company’s valuation surged ‌past US$2 trillion following its blockbuster Nasdaq debut last week. Its shares soared ⁠in their first two days of trading before giving up some gains ⁠as investors assessed whether the company’s rich valuation can be justified by its costly AI push.