June 22 (Reuters) – Elon Musk’s SpaceX (SPCX.O), opens new tab launched its first-ever notes offering on Monday and said it had about $100.8 billion in cash and cash equivalents as of June 19, days after its blockbuster U.S. stock market IPO.
The rockets-to-AI company debuted on the Nasdaq on June 12 after raising $85.7 billion from its initial public offering, making it one of the world’s most valuable firms.
SpaceX has increased spending on AI infrastructure and the development of its next-generation Starship rocket, investments that have weighed on profitability despite strong growth at its Starlink satellite internet business.
Its revenue rose 33% to $18.67 billion last year, though the company reported a net loss after heavy spending and the integration of Musk’s artificial intelligence venture, xAI.
SpaceX shares fell about 7% in early trading.
The company did not disclose the size or pricing terms of the proposed notes. The proceeds would be used to repay borrowings under its bridge loan facility, cover related fees and expenses as well as for general corporate purposes, it said.
SpaceX held $15.9 billion in cash and cash equivalents at the end of March, according to its IPO filing.
Credit ratings agencies assigned the company investment-grade ratings last week, signaling confidence in SpaceX’s financial stability as it moves forward with costly AI plans.
Moody’s issued a “Baa1” and Fitch a “BBB+” rating, indicating that SpaceX’s debt is considered investment-grade and carries moderate credit risk, with sufficient capacity to meet its financial commitments.
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