SpaceX launches $25 billion notes offering, source says

June 23 (Reuters) - Elon ‌Musk's SpaceX ​has ​launched a five-tranche notes offering aimed at raising at least $25 billion, a source familiar ‌with the matter said on Tuesday, as the ⁠newly public company seeks funding for its capital-intensive AI ‌expansion.

SpaceX's AI ambitions carry a ‌hefty price tag, requiring tens of billions of dollars in investment in data centers, computing hardware ​and power infrastructure.

The offering consists of 5-year, 7-year, 10-year, 20-year, 30-year tenor senior unsecured notes, ⁠according to a document seen by Reuters. Proceeds will be used ​to repay borrowings under its bridge loan facility as well as for general corporate purposes.

The ​offering, which is SpaceX's first ‌investment-grade dollar bond issuance, has drawn nearly $85 billion in orders, the source said.

SpaceX ⁠did not immediately respond to a Reuters request for comment.

Bank of America, Citigroup, JPMorgan Chase, Goldman Sachs and ⁠Morgan Stanley are managing the sale, according to the document.

Credit ​rating agencies assigned the company investment-grade ratings last week, signaling confidence in SpaceX's financial stability as it moves forward with ‌its costly AI plans.

The rockets-to-AI firm's shares rebounded on Tuesday, following a recent ‌selloff tied to a broader tech pullback, after ⁠a blockbuster debut on ‌June 12.

(Reporting by ​Nupur Anand in New York and Juby Babu in Mexico City; Editing by Vijay ‌Kishore)

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