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00:02SpaceX turned to the bond market for the first time Monday after its IPO raised $85.7 billion
00:09and pushed its cash reserves past $100 billion, according to Reuters.
00:14The company did not disclose the size or pricing terms of the note's offering.
00:18Proceeds will be used for general corporate purposes,
00:21repay borrowings under its bridge loan facility, and cover related fees and expenses.
00:26SpaceX shares fell 9% in Monday morning trading.
00:29Marking a third straight session of declines.
00:32The company is increasing spending on AI infrastructure and its next-generation Starship rocket.
00:37Revenue rose 33% to $18.67 billion last year,
00:42though heavy spending and the integration of XAI weighed on profitability.
00:46Moody's and Fitch assigned SpaceX investment-grade credit ratings last week.
00:50For all things money, visit Benzinga.com.
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