SpaceX Kicks Off Debut High-Grade Bond Sale

Ed Ludlow discusses SpaceX's first investment-grade bond sale, used to refinance existing debt despite a massive cash pile, and a major natural gas power deal between Microsoft and Chevron to supply AI data center energy in West Texas. - SpaceX confirms over $100 billion in cash but issues inaugural investment-grade bonds primarily to refinance debt and manage future aggressive spending. - SpaceX has dramatically reduced its borrowing costs from more than 12% to around 4% and is viewed as a rising star. - Microsoft is ramping up a 2.6 GW natural gas power project in West Texas to support its doubling data center footprint, starting in 2028. - The deal highlights Microsoft's shift away from prior renewable energy procurement commitments toward natural gas for AI infrastructure. - Chevron is directly linked to the project and stands to benefit from the massive power generation demand. - The natural gas angle is described as a huge, under-hyped story relative to the excitement around SpaceX.