SpaceX is moving ahead with a bond offering worth more than $20 billion even as its shares continue to slide following the company’s record-breaking stock market debut earlier this month.

The Elon Musk-led company is expected to use the proceeds to repay a bridge loan and potentially fund future corporate initiatives. The debt sale comes after SpaceX shares fell 16 percent on Monday, marking a third straight day of losses and closing below their first-day trading level. The broader technology sector also came under pressure, with Alphabet, Oracle, Microsoft and Meta all posting declines amid investor concerns over heavy capital spending.

Despite the stock volatility, credit rating agencies continue to view SpaceX as investment grade, citing its dominant position in rocket launches and relatively low debt levels. Analysts, however, noted that investors have become increasingly cautious toward companies seeking large amounts of capital as concerns grow over the costs and uncertain returns of major artificial intelligence and infrastructure investments.