SpaceX draws $89 billion in demand for its debut bond sale, one of the largest US offerings this year


TL;DR

SpaceX drew $89 billion in demand for its debut bond sale, seeking $20 to $25 billion across five tranches to refinance bridge loan debt.

SpaceX has drawn roughly $89 billion in investor demand for its debut US bond sale, Bloomberg reported on Tuesday, setting the stage for one of the largest investment-grade offerings this year. The company is seeking to raise between $20 billion and $25 billion from a five-tranche deal expected to price on Tuesday. At the lower end of that range, demand would exceed the offering by more than four times.

Price talk on the longest-dated tranche, which matures in 2056, tightened by about a quarter of a percentage point to 1.75 percentage points above Treasuries. The five banks managing the sale, Goldman Sachs, Morgan Stanley, JPMorgan Chase, Bank of America, and Citigroup, either declined to comment or did not respond to requests for comment.

Proceeds from the sale will refinance a $20 billion bridge loan that SpaceX used earlier this year to retire roughly $17 and a half billion of high-interest junk debt accumulated by X and xAI. That bridge loan, arranged by the same five banks, carried an effective rate of about four and a half percent, roughly half the cost of the junk bonds it replaced. The bond sale converts that temporary financing into permanent capital market debt.

The offering comes less than two weeks after SpaceX completed the largest initial public offering in history. The company raised $75 billion by selling shares at $135 each, valuing it at roughly one and three-quarter trillion dollars. Shares initially surged to $225 before falling sharply, with the stock losing more than 30 percent from its peak as investors digested the company’s spending plans and cash burn.

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All three major credit rating agencies granted SpaceX investment-grade ratings on June 18, days after the IPO. Moody’s assigned Baa1, Fitch assigned BBB-plus, and S&P assigned BBB, all with stable outlooks. The agencies cited SpaceX’s dominant position in orbital launch and Starlink’s 12 million subscribers as strengths, while flagging execution risks tied to the company’s AI expansion and governance concerns around Musk’s concentrated control.

SpaceX disclosed roughly $101 billion in cash as of June 19 and $29 billion in long-term debt. Those figures mask significant cash consumption. The company reported a net loss of nearly $5 billion in 2025 and lost another $4 billion in the first quarter of 2026, with negative free cash flow of $14 billion last year, more than double the prior year’s burn.

Starlink generated $4 billion in operating profit in 2025, but the AI division is consuming it. SpaceX acquired xAI in February 2026 as part of Musk’s consolidation of his companies, and used a $60 billion all-stock deal to buy AI coding startup Anysphere, the maker of Cursor, just days after the IPO. The bond sale is part of the financing architecture required to support those acquisitions while keeping the core rocket and satellite businesses funded.

Bloomberg Intelligence analyst Robert Schiffman noted that the transaction offered investors a chance to buy debt from a first-time issuer while diversifying their exposure to companies linked to the AI boom. Debt investors tend to be more conservative than equity buyers, and the four-times oversubscription suggests that even cautious capital views SpaceX’s revenue streams, particularly Starlink, as durable enough to service the debt.

The scale of demand echoes the IPO itself, where individual investors placed orders exceeding $10 billion. SpaceX has now tapped both equity and debt markets within the span of two weeks, raising what could total $100 billion in combined proceeds. No company in history has extracted that much capital from public markets in such a compressed timeframe.

The question for bondholders is whether SpaceX can generate enough cash to service the debt while simultaneously funding Starship development, Starlink expansion, AI infrastructure, and the integration of multiple acquisitions. The company has the revenue base, with $19 billion in 2025, but is spending far more than it earns. The bond market’s answer, at least on day one, is that it is willing to take the bet.



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Recent Reviews


Ghost CMS flaw abused to push ClickFix attacks on hundreds of sites

Pierluigi Paganini
May 25, 2026

Threat actors are actively exploiting a security flaw, tracked as CVE-2026-26980, in Ghost CMS that was fixed months ago in real attacks against unpatched websites. According to Qianxin, the campaign has already affected more than 700 sites, including well-known organizations and universities.

The vulnerability is an SQL injection issue in Ghost’s Content API that can let an attacker read data from the database without logging in. In the worst case, this can expose the Admin API key, which can allow attackers to take over the site.

That key matters because it can be used to change published content. In this campaign, attackers used it to edit articles on compromised Ghost sites and insert malicious JavaScript at the end of pages. The goal was not just defacement, but to turn trusted websites into launch points for further malware delivery.

“After an in-depth investigation and analysis, we determined that this was not a targeted intrusion against the customer, but rather a large-scale poisoning campaign by an in-the-wild attack group targeting Ghost CMS. Although CVE-2026-26980 was publicly disclosed as early as February 19, a large number of users did not patch and upgrade in time, providing an opportunity for attackers.” reads the advisory published by Qianxin. “At least two groups are currently actively conducting such poisoning operations, and some sites have even become the target of competition between the two parties, with different malicious code being implanted one after another within a single day.”

The inserted code led visitors through a two-step chain. First, the page loaded a remote script that checked the browser and decided what the visitor should see. Then real victims were redirected to a fake verification page that looked like a normal “I’m human” check.

This is where the ClickFix part began. The page told users to press Windows+R, paste a command, and hit Enter. In practice, that command downloaded and started a malware payload on the victim’s machine. It was a classic social engineering trick: make the user do the dangerous part themselves.

Qianxin says the first signs of this activity appeared in early May. The malicious code found in the campaign had a compilation date of February 16, the same day Ghost announced the fix for CVE-2026-26980. That suggests the attackers moved quickly once they saw how many sites had not been updated.

The affected websites cover a wide range of sectors. Roughly half are personal blogs or independent sites, but the list also includes technology blogs, AI sites, media outlets, crypto projects, and educational institutions. Qianxin researchers say victims include sites linked to Harvard, Oxford, and DuckDuckGo.

The attack chain was also designed to be flexible. The loaders could fetch different payloads depending on the target, and the operators changed infrastructure several times.

“entire attack process has obvious five-stage characteristics of “CMS Takeover → Page Poisoning → Two-stage Loading → Social Engineering Lure (FakeCaptcha/ClickFix) → Malware Delivery”, and the entire process is highly automated: bulk vulnerability scanning → automatic key extraction → bulk injection → dynamic C2 distribution.” states the report.

In some cases, they switched domains after detection, keeping the campaign alive even when part of the chain was blocked.

“Through feature scanning of publicly accessible pages, we have cumulatively identified more than 700 poisoned victim domains, and have proactively contacted the sites for which contact information could be obtained, notifying them of the poisoning.” continues the report.

Qianxin also believes at least two different groups are involved. In some cases, the same site was hit more than once, with one attacker replacing the code left by another. That makes the campaign harder to clean up and shows how attractive compromised Ghost sites have become for abuse.

For site owners, the advice is straightforward. Ghost should be updated immediately, all credentials should be rotated, and site logs should be reviewed for suspicious admin API activity. Any injected scripts should be removed from the database itself, not just from the visual editor. Visitors who may have reached a poisoned site should also be warned.

The report includes Indicators of Compromise (IoCs) for the attacks observed by the researchers.

Follow me on Twitter: @securityaffairs and Facebook and Mastodon

Pierluigi Paganini

(SecurityAffairs – hacking, Ghost CMS)







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