SpaceX announced on Monday a $20 billion debt-financing deal, adding to the $100 billion of cash the company currently has on hand. The proceeds will be used to refinance a roughly $20 billion bridge loan SpaceX obtained from banks earlier this year. The announcement follows SpaceX’s recent IPO, which raised $75 billion. SpaceX’s debut fixed-income offering received a BBB rating from S&P and a Baa1 from Moody’s, both investment grade; by comparison, Tesla is rated Baa3 by Moody’s. Oppenheimer analysts project SpaceX could ultimately raise $400 billion in the debt market by 2031. JPMorgan finds that $300 billion of debt tied to AI has been raised since November, and Nvidia’s recent $25 billion bond sale was more than three times oversubscribed.