The Bond Market Is Sending a Terrifying Message to SpaceX -- but Is Anyone Listening?

SpaceX raised $85.7 billion in its June IPO and subsequently issued $25 billion in corporate debt. However, bond prices have fallen significantly since issuance, with the 2056 notes dropping from 99.45 cents to 94.52 cents on the dollar. This decline suggests bond investors are concerned about SpaceX's creditworthiness and ability to service its debt, particularly given the company's $20 billion bridge loan repayment obligation and xAI's substantial losses.