SpaceX’s $25 billion unsecured bond sale hits a 1.4-point spread over Treasuries for 10-year notes

SpaceX completed its first $25 billion senior unsecured bond offering, with the 10-year tranche pricing about 40 basis points wider than BBB peers, underscoring investor unease over heavy cash burn and uncertain long-term profitability. The company said proceeds will refinance a $20 billion short-term bridge loan and help fund capital spending tied to Starship, Starlink expansion and AI data centers. It also disclosed data-center leasing agreements with Google and Anthropic totaling about $26 billion a year, but the softer pricing suggests investors are focused on execution risk rather than longer-dated growth narratives.