SpaceX drew nearly $89 billion in demand for its first U.S. bond sale, setting the stage for one of the biggest deals in the U.S. investment-grade market this year, according to people with knowledge of the matter.

Elon Musk’s rocket, satellite and AI conglomerate is seeking to raise between $20 billion and $25 billion in a five-stage offering in a deal expected on Tuesday. At the low end of that range, demand would more than quadruple the size of the bond.

Proceeds from the sale will refinance the temporary bridge loan and fund other corporate expenses.

Also read | Chip stocks sink, but bargain-hunters pare losses in other tech names
Debt investors, who tend to be more conservative than those in the equity market, are betting on Musk’s ability to deliver on his promises, as the company is projected to burn through significant amounts of cash over the next few years.

The transaction offered investors an opportunity to buy debt from a first-time issuer while diversifying their exposure to companies tied to the artificial intelligence boom, Bloomberg Intelligence analyst Robert Shiffman said in a note.

Bank of America Corp., Citigroup Inc., Goldman Sachs Group Inc., JPMorgan Chase & Co. and Morgan Stanley, the banks handling the bond sale, either declined to comment or did not immediately respond to requests for comment.