Space Exploration Technologies Corp. raised $25 billion through a senior unsecured notes offering weeks after securing approximately $86 billion in its initial public offering. The company intends to use the net proceeds to repay outstanding borrowings under its bridge loan facility in full, pay related fees and expenses, and allocate any remaining amount for general corporate purposes. The debt sale comprises five tranches with varying maturity dates and interest rates, reflecting a strategic move to manage liquidity following its blockbuster IPO.

Debt offering details

The offering includes a series of five notes. The first tranche consists of $7 billion in 5.350% Senior Notes due in 2031. Subsequently, SpaceX issued $6 billion in 5.650% Senior Notes due in 2033 and $6 billion in 5.875% Senior Notes due in 2036. The longer-term portions include $2.5 billion in 6.600% Senior Notes due in 2046 and $3.5 billion in 6.650% Senior Notes due in 2056. A senior unsecured note is a financing method not backed by collateral but often taking precedence over other debt obligations in the event of a company's liquidation.

Market reaction and valuation

The fundraising follows a period of significant volatility for SpaceX's stock. Investor Gary Black of The Future Fund LLC has expressed concerns regarding the company's valuation, arguing that investors overpaid for the stock post-IPO. Black drew comparisons to NVIDIA Corp, noting NVIDIA's lower valuation. SpaceX's market capitalization recently saw nearly $400 billion wiped out due to a stock decline. Economist Mohamed El-Erian noted that investors who bought at the IPO are up 23%, while those who purchased at the peak are down almost 25%.

SpaceX shares were up 0.54% to $156.94 during the after-hours trading session on Tuesday. According to Benzinga Edge Rankings, the stock does not currently provide a favorable price trend in the short, medium, or long term.

Former Securities and Exchange Commission Chair Gary Gensler warned Tuesday that a “great rebalancing” could unfold in Space Exploration Technologies Corp. (NASDAQ: SPCX) shares as lockup restrictions begin to expire, allowing early investors to take profits following the company's blockbuster public debut. Gensler told Bloomberg Television that many pre-IPO backers are likely to “take risk off the page” as the lockup shares become eligible for sale, potentially reducing their exposure by a third, half, or even three-quarters. He cautioned that the resulting selling pressure might not be limited to SpaceX, suggesting that venture capitalists and sovereign wealth funds selling shares could create downward pressure across the entire market.

SpaceX is preparing for a series of share unlocks that will gradually increase the stock's public float over the next 14 months. According to the lockup schedule, only about 5% of outstanding shares are currently available for trading. The free float is projected to rise steadily through the second half of 2026, increasing from 11.8% in August to 25.1% by late October. This expansion is anticipated to accelerate, reaching 40% by December and 50.8% by June 2027.

Musk Unlock Draws Attention

The most significant event on the horizon is scheduled for June 12, 2027, when Elon Musk's 46.1% stake becomes eligible for sale. The chart estimates the free float could jump from roughly 50.8% to 96.9% in a single day, with the remaining shares becoming eligible by September 2027. While eligibility does not guarantee that insiders will sell, the sheer scale of the potential unlock represents one of the largest unlock events for a mega-cap stock.

Historical Context of Lockup Expirations

The prospect of a large unlock is not unique to SpaceX. Other technology giants have faced similar dynamics during their early public years. In each instance, the anticipation of new supply became a focal point for investors, often driving market sentiment as much as actual selling activity.

Market Performance and Valuation

SpaceX debuted on the Nasdaq on June 12 at $135 per share and surged nearly 19% in its first trading session. The stock has since cooled from its highs, shedding more than $400 billion in market value on Monday. SpaceX's valuation stands at roughly $2.03 trillion, down from a peak of $2.9 trillion reached on June 16. SPCX closed 0.98% higher on Tuesday at $156.11, after declining 16.43% on Monday. Gensler added that potential listings from Anthropic and OpenAI could further test investors’ appetite for AI-related equities as more private-market winners seek access to public capital.