I don’t especially enjoy writing about SpaceX.

I went through the motions on IPO day (see: “Moonshot. Literally“) because it felt, and was, obligatory. But the “early days” trade in “new liquid Elon” is too carnivalesque for someone (me) who takes himself too seriously.

Everyone knows this is a joke. Here’s a company which, until four months ago, built and launched rockets and sold satellite broadband, metamorphosing virtually overnight into an AI data center REIT in the course of laying claim to what, according to the IPO prospectus, is “the largest actionable total addressable market in human history.”

The rub is that even if it were logistically / technically possible to fade this circus (it’s not right now for obvious reasons), you generally wouldn’t because betting against Musk is a suicide mission. Like colonizing Mars.

Much as it pains me, I’m gonna have to write about this lunacy because it’s all anyone wants to talk about. At least, on Monday, there was actual news, as opposed to just SpaceX copy for the sake of it.

Most notably, the company confirmed reports that an inaugural debt offering’s set for launch. As tipped last week by several media outlets, SpaceX will raise something like $20 billion in a multi-part deal with maturities ranging from five to 30 years.

SpaceX is officially BBB, so this is more high-grade supply atop the $200 billion+ deluge from the hyper-scalers. Nvidia joined the party this month with a $25 billion offering.

SpaceX’s inaugural sale is just a refi: Musk is effectively terming out a $20 billion bridge loan that matures in September of next year. Apparently, the company’s going to lean into debt sales to fund AI capex, as opposed to going the follow-on equity route. (It’d be a shame if Musk were diluted, after all.)

Like everything else to do with SpaceX, issuance estimates are unfathomably large. Oppenheimer, for example, expects Musk to saddle the company with at least $400 billion in net debt by 2031.

As Bloomberg helpfully pointed out, “that’s vastly more than almost every US company currently has on its books and would more than triple what Oracle has.”

The updated figure, above, gives you some context for SpaceX’s planned offering. It also serves as a reminder: The hyper-scalers have increasingly tapped overseas markets to avoid pushing the envelope diversify their funding mix. If the USD market gets oversupplied at any point, SpaceX can always issue in DOGE coin.

Bad jokes aside, selling unprecedented chunks of IG debt should be child’s play for Musk, whose audacity is like his penchant for creative financing “solutions” in knowing no limits.

I’d expect all SpaceX offerings to be heavily oversubscribed. What’s not to like? You’re loaning money to an alleged, former ketamine addict to build AI data centers on the moon.

In other SpaceX news, the company inked a deal with Reflection, an open source AI startup, which’ll pay Musk $150 million a month to access to Nvidia Blackwells.

If the tie-up lasts through the end of the contract, in 2029, it’s worth more than $6 billion to SpaceX. According to details reviewed by CNBC, “either company can end the contract with 90 days’ notice after the first three months.”

By the closing bell Monday, SpaceX was down 16.5%. The market cap loss was in excess of $400 billion.