Pick whose balance sheet you think the $1.5B lands on and watch whether the money can actually get there. Trace mode autoplays the whole path.

A private placement at the ULA rocket joint venture stays off Boeing's consolidated balance sheet Boeing — 50% parent consolidated balance sheet gross debt $45.9B cash ~$20B (end-Q2 2026) 5 · nothing added Lockheed — 50% parent consolidated balance sheet ledger unchanged 50% equity-method investment in ULA 50% 50% 1 · parents — JV not consolidated not consolidated 2 · private placement unregistered · 3 banks tripled from ~$500M institutional investors $1.5B source US Bancorp Mizuho Wells Fargo ULA — 50/50 launch venture separate entity · equity-method investment 4 · bonds + proceeds sit here $1.5B private-placement debt 3 · uses of proceeds launch capability investment refinancing existing ULA debt 6 · off parent balance sheets bonds sit at ULA, not consolidated not consolidated — blocked not consolidated — blocked bonds at ULA

Debt sits 100% at ULA. Recourse vs non-recourse (any parent guarantee) is unconfirmed and deliberately left ambiguous; coupon and terms were not published.