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

Allianz CIO warns that SpaceX's bond sale signals bubble territory, raising concerns about stretched valuations in private tech and broader risk markets.

SpaceX credit-default swaps are now actively trading after the company raised $25 billion in its debut bond offering, which drew $89 billion in orders.

By William Gavin and Joy Wiltermuth