The scale of SpaceX’s financial firepower is becoming its own narrative. On 24 June 2026, the company placed a $25 billion bond — one of the largest corporate debt offerings on record — and investors piled in with $89 billion in orders, oversubscribing the deal 3.5 times. That vote of confidence comes just days after the stock shed roughly 32% from its all-time high, and as the group pursues a mobile-telecom entry that would put it head-to-head with the likes of Verizon, AT&T and T-Mobile.
The bond was structured in five tranches with maturities from five to 30 years, carrying coupons between 5.35% and 6.65%. The 10-year tranche was priced at a spread of 140 basis points over US Treasuries. Proceeds will largely repay a $20 billion bridge loan taken out in March 2026 to finance the acquisitions of X and xAI. S&P Global Ratings awarded the debt an investment-grade rating, citing Starlink’s stable cash flows, though analysts point to the riskier bet embedded in the aggressive integration of the Grok AI model.
SpaceX shares ended Friday’s session at $153.23, well above the IPO price of $135 on 12 June but down sharply from the peak of $225.64 reached just four days after listing. That marks a decline of nearly 32% from the high. The market capitalisation still hovers near $2 trillion. A net loss of $4.28 billion in the first quarter of 2026 — driven by heavy spending on Starlink infrastructure and AI — weighed on sentiment, yet retail investors have remained undeterred. According to Vanda Research, $405 million in retail money flowed into the stock in the first five trading days, the highest such inflow for any IPO on record.
Meanwhile, management has been quietly pitching investors on a standalone Starlink mobile service in the US. Rather than going it alone entirely — a prohibitively expensive route — SpaceX is holding talks with Charter Communications about a hybrid model that would route some call traffic over Charter’s terrestrial internet infrastructure. No deal has been confirmed, but the move signals a direct push into the consumer wireless market. SpaceX already has a partnership with T-Mobile, but that arrangement currently provides only supplemental coverage in remote areas.
Should investors sell immediately? Or is it worth buying SpaceX?
The operational core, Starlink, remains the bedrock. The satellite unit ended the first quarter with 10.3 million subscribers and posted operating income of $4.19 billion. On the hardware front, SpaceX successfully conducted a single-engine static fire of Starship Ship 40 (Version 3) on 27 June. It is also seeking approval from the Texas Railroad Commission for a 20-mile natural gas pipeline — dubbed “Starpipe” — from Port Isabel to the Starbase complex, to secure energy supply.
Several near-term catalysts lie ahead. On 7 July, SpaceX will join the Nasdaq-100, a move that should trigger passive buying from ETFs and index funds — a structural tailwind that many market participants are already pricing in. Also looming is the expiration of lock-up periods around the next quarterly earnings release, which will allow insiders to sell shares for the first time.
Momentum traders are watching technical levels. After finding support at $147.11, the stock faces initial resistance at $158.40 and then $160.65. A formal confirmation of the Charter talks would give analysts concrete data to model the telecom opportunity; without it, valuation continues to rest on the core space and broadband businesses.
The bigger picture, however, revolves around funding. Analysts estimate SpaceX’s total spending commitments through 2030 at roughly $235 billion, against liquid assets of $100.8 billion as of mid-June. Whether additional equity or debt rounds will be needed remains the dominant question for the stock in the months ahead — particularly as the bond market’s warm reception suggests there is ample appetite for the story, but also a premium for the risk.
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