SpaceX’s swift capital raises raise bubble concerns

SpaceX completed a record‑breaking IPO that raised about $86 billion, the largest ever for a single company. Within weeks the firm announced a new bond issue of $25 billion, expanding the original $20 billion plan. Allianz investment chief Ludovic Subran warned that the rapid succession of massive fund‑raising could signal a financial bubble, noting the higher interest rate the company must pay compared with peers.

The issuing was met with strong demand, but market analysts point to unusually high risk appetite for tech‑sector equities and debt. U.S. credit spreads for high‑grade corporate bonds are near historic lows, and the broader market is weighing the impact of rising U.S. policy rates on valuations for fast‑growing tech firms. The situation has prompted caution among investors, including those in Sweden, where some retail investors have reported sizeable losses after the post‑IPO share price fell from $225 to around $154.