TechFlow News, June 25: After completing a large-scale initial public offering, SpaceX swiftly launched a roughly $25 billion bond issuance, drawing market attention to concerns over high-level financing and liquidity risk. Ludovic Subran, Chief Investment Officer at Allianz Group, stated that companies following equity financing with large-scale debt financing reflects a possible shift in today’s capital markets—from a boom phase into a bubble zone.
Although the bond issuance attracted strong investor demand, its financing cost exceeded that of peers with similar credit ratings, indicating that bond investors remain cautious regarding the company’s profitability and debt-servicing prospects. Meanwhile, as multiple tech firms concentrate their fundraising or IPO activities, the supply structure of the U.S. equity market is also changing; compounded by interest rate and inflation expectations, valuations of growth-oriented assets are facing mounting pressure for reassessment.
