SpaceX Says It Has $100 Billion in Cash After IPO and Bond Sale

SpaceX is sitting on one of the largest corporate cash piles in the market. SPCX management confirmed the balance sheet is loaded following its IPO, a follow-on bond deal, and a doubling of Starlink subscribers.

The $100 billion cash pile

The company ended the quarter with $100 billion in cash and cash equivalents, and SpaceX’s total backlog was $47.5 billion at the end of the quarter.

The company reported $100.8 billion in cash as of June 19, more than Microsoft held at the end of its last fiscal year. CFO Bret Johnsen framed it as capacity to invest in Starship, Starlink, and the company’s AI platform.

How they got here: IPO plus bonds

Space Exploration Technologies Corp raised $75 billion in its initial public offering on June 12. When you add in the overallotment given to the investment banks that helped with the IPO, that figure rises to $85.7 billion.

Just days after the IPO, the company announced it would sell $20 billion in bonds, even though it already had $100 billion in cash on its balance sheet. It actually raised $25 billion from the bond sale, thanks to strong demand.

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Why raise more if you have $100B?

In the first quarter of 2026, SpaceX made capital investments totaling $10.1 billion, up from $4.1 billion in the prior year. If you annualize that, and generously assume that capital spending needs don’t increase further, the company is on pace to spend around $40 billion a year.

Negative free cash flow hit $14.1 billion last fiscal year, more than double the prior year’s $5.4 billion, per SpaceX’s bond filings. KeyBanc analyst Michael Leshock estimates roughly $28 billion in negative FCF this year alone.

So $100 billion is enough to cover two and a half years’ worth of capital spending needs if capital spending doesn’t increase further. Given the huge amount of money being spent in the AI arms race, it seems likely that capital investment spending could rise from here.

Revenue is scaling, but the ARR target is aggressive

SpaceX posted $7.8 billion in quarterly revenue, surging ahead of the $6.9 billion consensus, as Starlink subscribers doubled to 12 million and $14.1 billion in new AI contracts turbocharged financial results.

CFO Bret Johnson said the $100 billion ARR target for December was now within reach due to cloud contracts and SpaceX’s pending Cursor acquisition. However, SpaceX would need to 10x in three or four years to reach $1 trillion, a herculean feat given that bullish analysts have projected less than half that for 2030.

SpaceX reported $7.8 billion of second-quarter revenue, equivalent to an average of about $2.6 billion per month over the three-month period. That means the company would need to be generating revenue at more than three times its current quarterly monthly average by December to support a $100 billion annualized run rate.

Lock-up expiry adds pressure

The company could also face additional pressure as its post-IPO lock-up period begins expiring on Thursday, potentially releasing a wave of insider and early investor shares onto the market.

SpaceX stock is down 6.20% to $117.56 in after-hours trading Tuesday versus a 52-week trading range of $104.83 to $225.64.

Options market and stocks to watch

SPCX: Watch for elevated implied volatility into the lock-up expiry and any flow tied to the December ARR milestone.

TSLA: Watch for spillover sentiment given Elon Musk’s dual role and any commentary on capital allocation across his ventures.

GOOGL and Anthropic-linked names: Watch for cloud and AI compute contract references, as SpaceX’s AI compute deals reportedly total tens of billions.

MSFT: Watch as a cash-pile comparison, given SpaceX’s balance sheet now rivals it.

For more on this and other market-moving news, keep an eye on the flow.

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