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Elon Musk’s SpaceX has secured a $20 billion bridge loan to refinance a large portion of its existing debt ahead of its planned US initial public offering (IPO), according to a regulatory filing reviewed by Reuters.
The stopgap financing, arranged last month, replaces five existing debt facilities and is intended to give the company greater flexibility as it prepares for what could be the largest stock market debut on record.
The filing indicates the loan may need to be repaid using IPO proceeds within six months of the offering if it is not cleared earlier through other funding sources. The bridge loan has an 18-month term and includes two options to extend by three months each.
The bridge loan replaces two term loans linked to Musk’s X social media platform and three borrowings tied to xAI, his artificial intelligence business.
As a result of the refinancing, SpaceX’s total debt fell to $20.07 billion as of March 2, from $22.05 billion at the end of 2024.
Bridge loans are typically short-term tools used to replace existing borrowings before longer-dated financing or equity proceeds become available. In this case, the transaction appears designed to simplify SpaceX’s debt structure while preserving room for future issuance after the IPO.
Wei Xie, research director of global auto and future mobility at GlobalData, said the refinancing should help SpaceX reduce leverage further after listing while keeping open more options for longer-term debt issuance.
The names of the lenders were not disclosed in the filing.
SpaceX confidentially filed for a US IPO on March 31, setting the stage for a public listing expected this summer.
The company is targeting a valuation of about $1.75 trillion, which would make it the biggest IPO in history and place it ahead of the largest technology flotations to date.
Under SEC rules, SpaceX’s confidential filing would be followed by a public prospectus at least 15 days before its investor roadshow.
The listing is expected to give investors access to one of Musk’s most closely watched businesses, spanning launch services, Starlink’s satellite internet operations, and a broader push into artificial intelligence.
Investors are also scrutinising how much control Musk will retain after the listing and how aggressively SpaceX intends to fund expansion.
SpaceX plans to maintain controlled company status after the IPO, allowing Musk and a small group of insiders to keep voting control through a super-voting share structure.
That governance model, combined with the scale of the new financing, is likely to keep attention on the company’s capital structure as the flotation approaches.
For potential investors, the bridge loan is more than routine refinancing: it is an early signal of how SpaceX plans to manage leverage, refinance legacy borrowings, and position itself for life in the public markets.
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