SpaceX’s First Fortnight: $25B Bond, AI Megadeals, and Orbital Tests Shape a Volatile New Chapter
Published on 06/24/2026 at 18:55 | Redaktion boerse-global.de
Just twelve days after its market debut, SpaceX has crammed what most companies would call a transformational year into a single week. The spacefaring group tested a new capsule, launched another batch of Starlink satellites, signed billions in artificial-intelligence compute contracts, and tapped the bond market with a record $25 billion issuance. The flurry of activity underscores the sheer breadth of Elon Musk’s venture — and the competing priorities investors must now weigh.
While much of the financial commentary has centred on the post-IPO volatility and the persistent net loss, the operational machine keeps humming. On 24 June, a Falcon 9 lifted off from Vandenberg Space Force Base in California carrying 24 Starlink satellites into a sun-synchronous orbit. The first stage performed a drone-ship landing, a routine but vital demonstration of reusability. Each successful mission bolsters the narrative that Starlink’s economics are scalable — and that the constellation, which requires constant replenishment, can eventually underpin a global broadband business.
The following day’s Starfall test added another dimension to the story. An untethered, disc-shaped capsule — three metres across and weighing two tonnes — splashed down about 1,300 kilometres off the US West Coast. Launched on 23 June from Cape Canaveral, the vehicle used compressed inert gas for attitude control and can carry up to 900 kilograms of payload. SpaceX says Starfall is designed for commercial microgravity research, particularly in pharmaceuticals, and will be compatible with both the Falcon 9 and the Starship.
That hardware push is funded, in large part, by a wave of AI-driven demand for computing power. On 24 June, SpaceX confirmed three separate contracts to rent capacity from its “Colossus” data centre, which is packed with Nvidia GPUs. Reflection AI signed up for $150 million a month over three years — a total of roughly $6.3 billion — with payments starting on 1 July 2026. Google committed to 110,000 Nvidia GPUs at around $920 million monthly, projected to generate $11 billion in annual revenue from October 2026 through June 2029. And Anthropic agreed to pay $1.25 billion a month for 300 megawatts of compute and power capacity over three years. Combined, analysts estimate the three deals could bring in roughly $27.5 billion of annual revenue.
Should investors sell immediately? Or is it worth buying SPACE EXPLORATION TECHN-CL A?
To bridge the gap between those future cash flows and current capital spending, SpaceX turned to the bond market on 23?–?24 June. The $25 billion issuance attracted $89 billion in orders, nearly four times the supply. The deal was split into five tranches with maturities stretching to 2056 and coupons ranging from 5.35% to 6.65%. Proceeds will refinance a $20 billion bridge loan due in September 2027, trimming annual interest costs from $1.8 billion to $1.5 billion.
None of this expansion comes cheap. For 2025, SpaceX reported a net loss of $4.9 billion, weighed down by $12.7 billion of AI-related capital expenditures. The company is also pushing ahead with “Starmind”, a constellation of up to one million satellites designed to process data in orbit, with early prototypes slated for early 2027. The sheer scale of the investment has fuelled debate on Wall Street about when — or if — profitability will materialise.
Listed on 12 June at $135 a share, the stock has been anything but steady. On Wednesday it closed at $156.11, well below the after-hours peak of $225.64 but still comfortably above the IPO price. The intraday swings remain wide, reflecting a market that is still figuring out the right multiple for a company that blends aerospace, telecoms, and AI infrastructure. Volume has been heavy, confirming that interest is intense even as conviction wavers.
The next inflection point is only weeks away: the first lock-up period expires at the end of July, which could unleash additional selling pressure from insiders and early backers. For now, SpaceX is relying on its operational rhythm — a Starlink launch here, a capsule test there — to keep the narrative focused on execution rather than the noise of the trading floor.
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