By William Gavin and Joy Wiltermuth
SpaceX priced $25 billion in bonds after $90 billion in investor demand, upsizing from a $20 billion target to refinance xAI acquisition bridge loans.
SpaceX raised $25 billion in its first bond offering, but wider-than-expected spreads signal bond investors are growing cautious about massive AI spending
SpaceX’s $25 billion debt sale drew heavy demand, but analysts warn of capital spending, refinancing and investor concentration risks.
SpaceX's $25B bonds lost $305M within days, spreads widening 0.28 points—signaling market skepticism on fundamental valuation. Unlike equities, bond markets price risk accurately; SpaceX's negative free cash flow contradicts its $2.6T valuation, revealing narrative engineering.
The longest-dated SpaceX bonds, which drew more skepticism than those with shorter maturities, have effectively erased all the tightening from underwriters that followed as orders swelled to nearly $90 billion
SpaceX has raised $25 billion through its first major debt offering as a public company, less than two weeks after completing a historic initial public offering (IPO)
SpaceX raised $25 billion in its first bond sale with orders near $90 billion, days after its record IPO, to fund Starlink and Starship.
Allianz CIO warns that SpaceX's bond sale signals bubble territory, raising concerns about stretched valuations in private tech and broader risk markets.
Allianz CIO Ludovic Subran says SpaceX's $25B bond sale, which drew nearly $90B in orders, signals markets have entered bubble territory.
“We expected SpaceX to widen from issuance level, but not this much..."
SpaceX bonds are creating losses for the fast-money types who piled in at the offering. “Bond types either aren’t sure that SpaceX will hang on to its investment-grade credit…
The longest-dated SpaceX bonds, which drew more skepticism than those with shorter maturities, have effectively erased all the tightening from underwriters that followed as orders…
The bond market doesn’t give a f*ck about narratives. It cares about getting paid back.