SpaceX is preparing to sell roughly $20 billion in investment-grade bonds in its first U.S. dollar offering, launching a borrowing spree intended to help finance the company’s rapidly expanding artificial-intelligence infrastructure.

Banks including Goldman Sachs Group began arranging investor calls on Monday ahead of the sale, which could include maturities of between five and 30 years, according to people briefed on the matter. The transaction would make SpaceX one of the largest nonfinancial corporate bond issuers in history and comes just weeks after its initial public offering raised $75 billion and briefly made Elon Musk the world’s first trillionaire.

SpaceX has not detailed how the proceeds will be allocated, but the company has entered into an AI infrastructure agreement with Anthropic to accelerate enterprise AI adoption, and it is racing to build out the computing capacity needed to support satellite data processing, ground-station automation, and internal machine-learning workloads. Analysts have estimated that SpaceX could spend tens of billions of dollars on data centers and specialized chips over the next several years.

The bond deal arrives amid a broader reassessment of AI-related capital spending across the technology sector. Tuesday’s market selloff hit chipmakers and other companies at the center of the AI infrastructure buildout, and investors are increasingly asking whether the massive sums being committed to AI will generate returns in line with the valuations embedded in those stocks.

By tapping investment-grade debt markets for the first time, SpaceX is effectively betting that its creditworthiness and cash-flow prospects are strong enough to support that scale of borrowing without triggering a ratings downgrade. The deal also signals that AI ambitions are no longer limited to software companies; hardware, aerospace, and communications firms are now competing for the same capital, chips, and energy resources.

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