Last week, SpaceX completed the largest IPO raise in history (see more here): roughly $75 billion, it’s reported (see here). Now, the company is raising an additional $20 billion through bond issuance. The plan is said to be for the bonds to mature in between five and thirty years. It appears that the majority of these funds will be used to refinance a bridge loan that’s roughly the same size as the bond offering. They’re looking to convert the loan from high-cost short-term debt to lower-cost longer-term debt.

In the last month or so, we’ve seen several large tech companies raise tons of capital. And debt raises have been a material part of their capital-raising plans. I’m really curious to see how this plays out. I’m wondering if this is a window that companies are taking advantage of before it closes or, conversely, it will become the new norm for tech companies looking to raise significant capital.