SpaceX’s $40 billion debt raise is being finalized at significantly higher interest rates than the last time the rocket company tapped bondholders, a sign of growing nervousness in the AI world.
The lower-rated portion is expected to carry interest rates of around 8.3%, according to sources familiar with the matter, led by Apollo and Goldman Sachs. Safer debt, backed by some SpaceX chips, is expected to cost around 7.75% next week, the sources said. That’s more than a percentage point higher than SpaceX’s current bond level, reflecting an AI lending market that has declined sharply in recent weeks. President Donald Trump purchased $5 million worth of SpaceX bonds in August.
Goldman and Apollo declined to comment. Prices could change between now and debt finalization, which is expected next week.
Existing bonds at SpaceX, which is currently considering a merger with Tesla, have weakened in recent days as strong earnings were overshadowed by massive spending plans and concerns about the company’s debt levels, as well as broader AI fears fueled by CoreWeave’s debt sale. The company’s default insurance also expanded, signaling doubts about the company’s plans.
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