Elon Musk's SpaceX turned to the bond market for the first time, capitalizing on a post-IPO momentum that has vaulted its cash reserves past $100 billion as the rockets-to-AI group ramps up spending. Monday's notes offering comes mere days after SpaceX's IPO, signaling the company's push to reshape its balance sheet by replacing short-term bridge financing with longer-dated debt, which can help it fund an ambitious and costly expansion into AI and next-generation rockets. Its shares slid 9% in morning trading, falling for the third consecutive trading session. SpaceX listed on the Nasdaq on June 12 after raising $85.7 billion from its initial public offering, making it one of the world's most valuable companies. Musk holds 82% of SpaceX's voting power after the IPO. "With Musk maintaining supermajority voting control through a dual-class structure, issuing bonds keeps economic ownership intact for existing shareholders without new share issuance," said Adam Sarhan, chief executive of 50 Park Investments.