SpaceX Falls Below Its IPO Price, But Credit Is Sending the Real Warning

SpaceX stock has fallen below its $135 IPO price after a dramatic reversal from its June peak, but the more significant warning comes from its debt market. The company's $25 billion bond due in 2056 has weakened to a 7.5% yield, signaling investor concerns about financing costs for the AI and infrastructure boom. Rising borrowing costs across hyperscalers could constrain capital spending efficiency and threaten the valuation assumptions underlying the AI investment thesis.