SpaceX bonds sell off days after AI and rocket group’s $25bn debt deal - FT中文网
登录×
电子邮件/用户名
密码
记住我
请输入邮箱和密码进行绑定操作:
请输入手机号码,通过短信验证(目前仅支持中国大陆地区的手机号)。如果该手机号尚未注册,将自动创建 FT中文网账号。短信可能需要几分钟送达,验证码15分钟内有效,请耐心等待:
请您阅读我们的用户注册协议和隐私权保护政策,点击下方按钮即视为您接受。
FT商学院

SpaceX bonds sell off days after AI and rocket group’s $25bn debt deal

Yields move towards levels commonly associated with junk-rated companies
00:00

{"text":[[{"start":9.3,"text":"SpaceX’s bonds dropped in price on Friday, just days after it raised $25bn in a blockbuster debt deal, as investors cast doubts over the long-term prospects of Elon Musk’s rocket and AI company. "}],[{"start":23.700000000000003,"text":"The yield on the group’s 10-year debt rose to almost 6 per cent, pushing the gap with Treasuries, known as the “spread”, to above 1.6 percentage points, up 0.2 percentage points from when the debt was issued this week."}],[{"start":36.5,"text":"SpaceX was among the worst performers in the high-grade bond market on Friday, MarketAxess data shows."}],[{"start":43.25,"text":"The sell-off means the company’s bonds are trading at levels closer to those of junk-rated borrowers, despite the group’s investment-grade status from major rating agencies. SpaceX paid a higher borrowing cost than similarly rated companies during its bond sale on Tuesday."}],[{"start":60.5,"text":"“In investment-grade credit, what we focus on is whether a company can service its debt,” said Michael Campion, a portfolio manager at PGIM, referring to lossmaking borrowers in general. “We’re used to lending based on actual cash flows rather than expectations.”"}],[{"start":76.6,"text":"SpaceX posted a net loss of $4.9bn on revenues of $18.7bn in 2025. "}],[{"start":85.14999999999999,"text":"The company raised $86bn in an initial public offering earlier this month at a $1.78tn valuation that rests on projections that its AI revenues will surge in coming years."}],[{"start":97.69999999999999,"text":"The group’s equity has swung wildly since the IPO, sending its market value to almost $3tn at its peak before sinking to $2tn. "}],[{"start":106.89999999999999,"text":"SpaceX’s borrowing shortly after its record-breaking IPO is a clear sign that markets are entering “bubble territory”, Ludovic Subran, chief investment officer at Allianz, told delegates at this week’s FT Global Insurance Summit. "}],[{"start":121.1,"text":"“Bond investors are not the same as equity investors. Equity investors, you can take them to Mars. Bond investors are, like, ‘where is my coupon?’,” Subran said. "}],[{"start":131.4,"text":"In a sign of fragile investor confidence over SpaceX’s prospects, the company’s long-term debt is under even more severe selling pressure. Its bonds maturing in 2046 and 2056 were trading at spreads of 1.93 and 2.01 percentage points, respectively, compared to 1.65 and 1.75 percentage points at issuance, MarketAxess data shows."}],[{"start":155.85,"text":"Credit spreads on a basket of US corporate bonds with similar triple B ratings — the lowest investment-grade score — were 0.95 percentage points, while those for speculative-grade borrowers with a double B rating were 1.67 percentage points, according to Ice Data Services. "}],[{"start":174.79999999999998,"text":"SpaceX’s heavy reliance on Musk’s leadership, combined with the absence of a succession plan, have made its long-term debt less attractive, said James Dow, professor at London Business School. "}],[{"start":187.29999999999998,"text":"“Right now, the company’s value depends on [Musk] . . . but he’ll be very old in 30 years,” Dow said. “The corporate governance is exceptionally weak.”"}],[{"start":205.45,"text":""}]],"url":"https://audio.ftcn.net.cn/album/a_1782539520_7126.mp3"}

版权声明:本文版权归FT中文网所有,未经允许任何单位或个人不得转载,复制或以任何其他方式使用本文全部或部分,侵权必究。

AI股票泡沫终于要破裂了吗?

马丁:任何理性的人都能看出AI资产中不可持续的迹象。

埃森哲与“四大”瞄准中型企业市场谋增长

随着AI释放人力、降低服务成本,咨询巨头纷纷将目光投向规模较小的企业,希望以更低价格提供服务。

法拉奇:“我从未支持无休止的战争”

英国改革党领导人在美国共和党中期选举惨败后淡化了自己对伊朗战争的支持。

“蓝色浪潮”对美国经济变革的期待恐将落空

艾肯格林:美国国会的党派构成发生变化,对特朗普剩余任期内的政策制定影响不大。

民主党横扫中期选举,华尔街大金主押注失利

顶级对冲基金经理和私募股权投资公司高管为共和党竞选活动投入逾3亿美元,却几乎未见成效。
19小时前

美国的清晨,市场的黄昏

罗奇:美国中期选举结果再令人震惊,也阻止不了经济金融周期的转向。
设置字号×
最小
较小
默认
较大
最大
分享×