SpaceX went public on June 12. Fourteen days later, one of Europe’s largest asset managers described it as the highest signal in the market. Ludovic Soubran, Allianz’s chief investment officer, warned this week that SpaceX’s rapid return to capital markets has pushed a healthy rally into “bubble territory.”
The warning came days after SpaceX launched a $25 billion corporate bond sale, shaking stock prices in Elon Musk’s company. The SPCX is down nearly 19% over the past five days.
From record IPO to bubble warning in 14 days
Soberan described SpaceX’s bond move is a prime example of markets shifting “from a healthy boom, to an extended boom… to bubble territory.” His basic argument drew a sharp line between equity and debt investors.
“The guy just got $70 billion in funny money to play with to get us into space. Stock investors, you can take them to Mars. Bond investors say, ‘Where’s my coupon?'”
— Ludovic Subran, IT Director, Allianz
The bond deal attracted orders worth $89 billion. Bankers Magnifying From $20 billion to $25 billion to meet demand. SpaceX plans to use the proceeds to retire a $20 billion bridge loan it took out in March. However, bond investors were able to capture a price premium.
The 2036 tranche was priced at 1.4 percentage points above U.S. Treasuries, roughly 0.4 points greater than its BBB-rated counterparts, according to Bloomberg. U.S. investment-grade companies are currently borrowing less than 0.8 points above Treasuries, near their lowest level in several decades.
The poster child who can become a motivator
SPCX opened at $150 On June 12th. It rose to daily trading High Valued at $225.64 by June 16. Then the matter was reversed. As of June 26, SPCX is trading near $152 — a 32% decline from the peak, wiping out more than $600 billion in market cap in less than two weeks.
This segment is now reshaping the IPO trajectory more broadly. Like BeInCrypto I reported earlier this weekOpenAI is leaning toward pushing its private listing to 2027, citing volatile markets and weak retail appetite after SpaceX’s troubled debut.
The analysts were Caution before insertion Together, SpaceX, OpenAI, and Anthropic could flood the public markets with nearly $3 trillion in new stock supply, more than the entire U.S. IPO market from 2016 to 2025. It’s easy to imagine that given the proximity 86 billion dollars Raised by SpaceX alone.
The SpaceX bond sale adds another $25 billion to the total demand. Susquehanna initiated coverage of SPCX with a Neutral rating and a price target of $170. Morningstar set its best fair value at $169, marking the stock as Hugely overrated At its peak.
SpaceX reports its first public earnings on August 6th. This outcome will likely determine whether the post-IPO slide represents a correction or the beginning of something broader.
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