Accelerating Funding with First Corporate Bond After Record IPO: SpaceX

Space Exploration Technologies Corp. (SpaceX) entered into underwriting agreements on June 11 with Goldman Sachs, Morgan Stanley, Bank of America, Citi, JPMorgan and Deutsche Bank to pursue a global offering of approximately 550 million Class A common shares at $134.10 per share. The deal targets a broad base of investors—including those in Japan, Canada, select European countries, Switzerland, Australia and the U.K.—and allocates a portion of shares for employees and executives.

On June 22, the company announced it would launch its inaugural privately placed senior unsecured notes, targeting qualified institutional buyers and certain offshore investors. Proceeds will be used to repay an existing bridge loan in full, cover associated fees and expenses, and fund general corporate purposes.

On June 16, SpaceX strengthened its public-company governance by appointing Rullof Bota—a long-time Sequoia Capital partner and former PayPal chief financial officer—as an independent director and member of the audit committee.

SpaceX debuted on the Nasdaq and Nasdaq Texas on June 12 under the ticker SPCX. At the fixed offering price of $135, the company raised approximately $75 billion—roughly KRW 100 trillion—surpassing Saudi Aramco to become the largest IPO in history.

According to the company’s S-1 filing, 2025 full-year revenue is projected at about $18.6 billion (KRW 25 trillion), with satellite-internet service Starlink accounting for more than 60 percent—or roughly $11 billion (KRW 15 trillion)—of total sales.

Positioning itself as an integrated space, communications and AI-infrastructure company, SpaceX offers reusable rockets, crewed and cargo spacecraft, the Starlink satellite network and AI compute clusters—providing both launch services and high-speed broadband to U.S. government and commercial clients.

The global space industry is forecast to grow from about $620 billion (KRW 850 trillion) in 2025 to $1 trillion (KRW 1,300 trillion) by 2034. Buoyed by U.S. NewSpace ventures, a wave of mega-IPOs and bond issuances underscores the intensifying competition for growth capital in the public markets.