Just over a week after its record IPO, SpaceX kicked off its first-ever investment-grade bond offering on June 22, seeking at least $20 billion in senior unsecured notes largely to refinance a $20 billion bridge loan taken on in March. In the offering documents the company disclosed roughly $100.8 billion in cash and equivalents as of June 19 and secured investment-grade ratings from Moody's, Fitch and S&P. SpaceX shares fell more than 10% on the day and over 20% across five sessions as investors weighed the rapid pace of capital raising so soon after going public.
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