By Echo Wang and David French<\/p>\n
NEW YORK, April 23 (Reuters) – Elon Musk’s SpaceX took out a $20 billion bridge loan last month to refinance much \u200cof its existing debt ahead of its blockbuster U.S. initial public offering, \u200caccording to a regulatory filing.<\/p>\n
The borrowing, revealed for the first time in excerpts of its regulatory filings \u200bthat were reviewed by Reuters, came from a syndicate of lenders which were not identified. Under the terms of the loan, SpaceX could be forced to use proceeds from its IPO to repay it, if it is not repaid with other funding sources \u200cwithin six months of the \u2060offering.<\/p>\n
SpaceX did not respond to a request for comment.<\/p>\n SpaceX is expected to be the largest IPO in history when it lists \u2060this summer. The rocket and artificial intelligence conglomerate is expected to garner a valuation in the range of $1.75 trillion, Reuters previously reported.<\/p>\n The information was contained in an S-1 document, which \u200bcompanies \u200bpreparing to go public file with the U.S. \u200bSecurities and Exchange Commission to \u200cdisclose details about their business and finances to potential investors. Reuters reviewed an excerpt of the SpaceX S-1, which was filed confidentially.<\/p>\n The bridge loan replaced five existing debt facilities, of which two were term loans tied to Musk’s X social media platform and three borrowings by xAI, the billionaire’s artificial intelligence business. The new loan helped \u200cto reduce SpaceX’s total debt to $20.07 billion as \u200bof March 2, compared with $22.05 billion at the \u200bend of 2024, the filing added.<\/p>\n Bridge \u200bloans are common financing tools with relatively short\u00a0lifespans and are \u200coften refinanced at a later time with \u200bnew, longer-term debt. The \u200bSpaceX bridge loan runs for 18 months, with the possibility of two three-month extensions.<\/p>\n Companies often choose them around a major event, such as a merger \u200bor large acquisition, especially \u200cif that move is expected to be beneficial for the company and \u200bwill ultimately lower its borrowing costs.<\/p>\n (Reporting by Echo Wang and David French \u200bin New York; Editing by Edmund Klamann)<\/p>\n<\/p><\/div>\n![\"FILE](\"https:\/\/s.yimg.com\/ny\/api\/res\/1.2\/4YrS13QczKTWJWnHBW7PAw--\/YXBwaWQ9aGlnaGxhbmRlcjt3PTk2MDtoPTU0MA--\/https:\/\/s.yimg.com\/uu\/api\/res\/1.2\/1ezB92SD_mka_6OZDQOfsg--~B\/aD0zMDQyO3c9NTQwODthcHBpZD15dGFjaHlvbg--\/https:\/\/d29szjachogqwa.cloudfront.net\/images\/user-uploaded\/cf28033c-05d9-4202-851b-490fd0cfc461_7489f1bf995dba0d7082a048d9d705534728f22b3dcb6bbd84982cdea85fec08.net\/images\/2026-04\/cf28033c-05d9-4202-851b-490fd0cfc461\")