SpaceX Raises $25B in Bonds After $85.7B IPO, Shares Dip to $156.20

SpaceX completed a $25 billion bond sale on July 2, days after its record $85.7 billion IPO, highlighting persistent capital demands. The company holds $100 billion in cash but reported a $4.9 billion loss for 2025 and accelerated Q1 2026 capex to $10.1 billion, implying a $40 billion annualized burn rate across unprofitable rocket and AI projects. Shares fell 0.85 percent to $156.20 as investors weighed the heavy spending against fresh financing access, raising concerns over future dilution once lockups expire.