Just days after completing its initial public offering that raised $85.7 billion, SpaceX is turning to the bond market for the first time to fund its AI and rocket developments. The company’s cash reserves crossed the $100 billion threshold and stand at $100.8 billion, while its shares plunged by 9%, completing a streak of declines for three consecutive trading days. The debt notes issuance is intended to replace short-term bridge financing with longer-term debt. Elon Musk holds 82% of the voting power in SpaceX. Revenues surged last year by 33% and totaled $18.67 billion, but the company recorded a net loss. At the end of March, SpaceX held $15.9 billion in cash and cash equivalents.