Nov 7, 2018 - Science

SpaceX preps first-ever institutional debt offering

Dan Primack, author of Pro Rata

Illustration: Sarah Grillo/Axios

SpaceX, the commercial space company led by Elon Musk, has launched a $750 million leveraged loan led by BofA Merrill Lynch. A meeting with prospective lenders is set for this morning, according to LevFin Insights.

Why it matters: This would be SpaceX's first foray into the institutional debt market, and could result in some of the company's financials becoming public.

SpaceX previously was said to be working with Goldman Sachs on a potential debt issue, so the use of BAML is a switch.

Thought bubble from Axios science editor Andrew Freedman:

"I’d like to see what the company is charging and making from customers for launches on recycled Falcon 9 rockets, which is a central piece of its business model - reducing the cost of access to space. Plus, where they’re at in terms of launch revenue and how dependent they are on government contracts. Also, costs related to the Big Falcon Rocket is could be crucial to evaluating the company’s viability several years down the road."

More: The new global race to space

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Why it matters: The 2019 sale drew bipartisan ire among lawmakers, who worried it could lead to a pattern of the administration using "emergency declarations" to circumvent Congress to approve weapons deals. The report comes two months after former Inspector General Steve Linick testified that he was pressured by a top Pompeo aide to drop the investigation.

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Illustration: Annelise Capossela/Axios

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