SpaceX emerges as biggest rising star in credit markets ahead of record-shattering IPO

SpaceX just pulled off something that would make most CFOs weep with joy. The company secured a $20 billion syndicated loan at a mid-4% coupon rate, roughly SOFR +100 basis points, placing its borrowing costs in the same neighborhood as Meta, Dell, and Google. For a company whose prior debt carried ratings in the B-/CCC+ range, that’s not just an upgrade. That’s a full wardrobe change.

Marathon Asset Management CEO Bruce Richards put it bluntly during a Bloomberg appearance on June 11, 2026, calling SpaceX the “biggest rising star of all time” in credit markets. The timing is no accident. SpaceX is gearing up for what could become the largest initial public offering in history, with plans to price shares at $135 each and raise approximately $75 billion.

The refinancing math

Here’s the thing about the $20 billion loan: it’s not really about raising new capital. The deal refinances approximately $17.5 billion of higher-cost debt, which translates to savings of around $1 billion annually on debt service costs alone.

The syndicate behind the deal reads like a who’s who of Wall Street. Goldman Sachs, Bank of America, Citi, JPMorgan, and Morgan Stanley all lined up to participate.

An IPO that dwarfs Saudi Aramco

The IPO numbers are staggering even by 2026 standards. At $135 per share, SpaceX would achieve an implied valuation of approximately $1.77 trillion. That would surpass Saudi Aramco’s 2019 IPO, which previously held the record for the largest public offering ever.

Trading is expected to commence under the ticker SPCX on Nasdaq, with the listing anticipated in June 2026. The pricing details began emerging around June 2-3, 2026.

What this means for investors

For equity investors, the refinancing is arguably as important as the IPO itself. Lower debt service costs mean higher free cash flow. The $1 billion in annual savings effectively subsidizes SpaceX’s growth investments without requiring additional equity dilution or external capital.

The credit market signal matters too. When Richards, who runs a firm that specializes in credit investing, calls something the biggest rising star of all time, he’s noting that the risk-reward dynamic in SpaceX’s debt has shifted so dramatically that it represents a generational trade for fixed-income investors who got in early.

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