SpaceX did the equity story first.

Now comes the balance sheet.

Bloomberg says SpaceX is preparing investor calls for a bond offering that could exceed $20B, mainly to refinance the bridge loan sitting behind the IPO.

That matters.

The IPO told investors what SpaceX could become.

The bond deal tells them what the capital structure actually needs to become.

Equity markets bought the future.

Credit markets now get to price the bridge.

That is the real post IPO test.

Not just: how big can the story get?

But: does the balance sheet tie out?