SpaceX launched its first investment-grade bond offering.

SpaceX has issued investment-grade bonds for the first time, in what is expected to be the beginning of a large-scale fundraising spree to support its artificial intelligence vision following its record-breaking $75 billion IPO. According to SpaceX's filing, the company has initiated the issuance of its first priority unsecured notes, "subject to market conditions and other factors." The filing states that these notes will represent SpaceX's unsecured debt, ranking equally with all existing and future non-subordinated debt, liabilities, and other obligations in terms of payment priority. Media reports last week indicated that SpaceX is seeking to raise at least $20 billion through this issuance. The funds raised will be used to repay a temporary bridge loan of roughly the same size, which constitutes the majority of SpaceX's $29.1 billion long-term debt. Last week, SpaceX received ratings from three major credit rating agencies, paving the way for lower-cost financing. Moody's and Fitch assigned SpaceX a rating of Baa1 and BBB+, respectively, three notches above junk status. Standard & Poor's gave SpaceX a BBB rating.