This is the largest ever inaugural investment grade notes offering

Davis Polk advised the joint book-running managers and representatives of the several initial purchasers, in connection with the $25 billion Rule 144A / Regulation S offering by the company consisting of $7 billion of 5.350% senior notes due 2031, $6 billion of 5.650% senior notes due 2033, $6 billion of 5.875% senior notes due 2036, $2.5 billion of 6.600% senior notes due 2046 and $3.5 billion of 6.650% senior notes due 2056.

SpaceX is building the integrated hardware and software infrastructure of the future across space, connectivity and AI. SpaceX designs, manufactures, launches and operates the world’s most advanced rockets and spacecraft, safely and reliably transporting astronauts, satellites and other payloads, with an over 99% mission success rate with its Falcon rockets. Additionally, the company operates a high-speed, low-latency global broadband data and communications network powered by approximately 9,600 Starlink satellites that deliver connectivity to millions of customers across 164 countries, territories and other markets. SpaceX is also rapidly constructing AI compute infrastructure at an industry-leading pace and cost efficiency through its acquisition of xAI, the first company to deploy a coherent gigawatt-scale AI training cluster.

The Davis Polk capital markets team included partners Byron B. Rooney, Stephen A. Byeff and Alan F. Denenberg, counsel Jennifer (Ying) Lan and associates Paul M. Sessa and Jenna Pedranti. Partner Sanders Witkow and associate Nick Swan provided bank finance advice. The tax team included counsel Dustin Plotnick and associate Shea Jendrusina. Members of the Davis Polk team are based in the New York and Northern California offices.

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