$25 Billion Bond and a Live Starlink Payload: SpaceX Faces Its Most Consequential Week Since IPO

SpaceX issues largest corporate bond of June at $25B, repays bridge loan, while Starship gets FAA clearance for a critical test carrying live Starlink satellites amid a stock near all-time low.

SpaceX has moved to shore up its finances with a $25 billion bond offering, the largest corporate debt issue in June and the company’s first major capital market foray since its June 12 IPO. The timing is far from ideal: the stock is trading within striking distance of its 52-week low, having shed more than a quarter of its value in the past 30 days. The bond proceeds will be used mainly to repay a $20 billion bridge loan, with the remainder earmarked for general corporate purposes.

The debt is structured in four tranches with maturities stretching from 2031 to 2056 and coupons ranging from 5.350% to 6.650%. Rating agencies have stamped the notes with solid investment-grade marks — BBB+ from Fitch, Baa1 from Moody’s, and BBB from S&P Global. The ratings reflect a business that generated $18.6 billion in revenue in 2025 but ended the year with a net loss of $4.3 billion.

Starship Gets the Green Light — With a Live Payload

On the same day the bond details emerged, the Federal Aviation Administration closed its investigation into a mishap during Starship’s Flight 12 in May, clearing the way for Flight 13 as early as Thursday, July 16. The FAA traced the incident to heat damage on propulsion components and incorrectly set engine alarms. SpaceX says it has revised both hardware and software on the vehicle.

This test marks a significant upgrade from earlier flights. For the first time, the Starship V3 will carry 20 operational Starlink V3 satellites — the next-generation, laser-linked spacecraft that the super-heavy rocket was designed to deploy efficiently. Previous tests used simulators or modified satellites. The mission is a critical proof-of-concept for SpaceX’s long-term strategy, since the Falcon 9 cannot match the mass and volume capacity required for the Starlink build-out and future AI infrastructure in orbit. Full reusability of Starship could cut launch costs by as much as 95% versus the Falcon 9.

Operational Momentum Continues

Even as the stock stumbles, the company’s routine operations hum along. On July 13 and 14, SpaceX launched two Falcon 9 missions from opposite U.S. coasts within eight hours, each delivering Starlink satellites and returning its first stage to a successful landing. The second of those launches marked the 600th flight of a flown booster — a milestone that underscores how routine reusability has become.

Starlink now serves roughly 10.3 million customers across 164 countries and markets, and the satellite network continues to expand. The Starship V3 test, if successful, will accelerate that expansion and give SpaceX a direct revenue-generating use for its most ambitious vehicle.

Stock Sits Near the Floor

Against that operational backdrop, the share price tells a different story. On Tuesday, the stock closed at €119.26, just 0.18% above the all-time low of €119.04 hit on July 14. That low is a staggering 38.67% below the record of €194.46 reached on June 16, days after the IPO. The 14-day relative strength index stands at 39.9, a level that suggests beaten-down sentiment but not yet oversold territory. The 30-day annualized volatility is 97.75%.

A brief boost from the Nasdaq 100 inclusion on July 7 brought in passive fund flows, but the subsequent slide points to a market still trying to find a fair valuation after the IPO’s initial euphoria. The stock was issued at $135 per share (U.S. listing), and the euro-denominated price hovers around that breakeven zone.

A Political Risk Layer

One less visible threat hangs over the satellite business. Iran has publicly described Starlink infrastructure as a military target. While no specific incident has materialized, the geopolitical exposure adds a dimension of uncertainty that analysts are watching closely — especially as the connection between SpaceX’s valuation and Starlink’s revenue deepens.

All eyes now turn to Thursday’s Starship launch. A smooth flight with successful satellite deployment would reinforce the technological thesis behind the SpaceX investment. A second consecutive mishap, however, would hit a stock already scraping its year low, magnifying the pressure from the bond market’s implicit scrutiny. For a company that just went public, it is perhaps the most consequential week yet.