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🚨SPACEX'S BONDS ARE THE REAL STORY, NOT ITS SHARE PRICE: A $100 million allocation in SpaceX's 2056 bonds is now worth just ~$90.7 million, a loss of -9.3% in under a month since the $25 billion offering priced. More than two-thirds of that loss came from investors demanding a bigger risk premium specifically for SpaceX, not from the general decline in bond prices. The $SPCX bond's credit spread, the extra yield paid over Treasuries to compensate for risk, has widened from +175bps at pricing to +231bps now. This makes SpaceX's 2056 bond the worst-performing BBB-rated US dollar bond among 1,450 benchmark issues with at least $1 billion in face value. Meanwhile, $SPCX stock has fallen -38% from its post-IPO peak and now trades below its $135 IPO price, while the bonds themselves yield a junk-like 7.5%. After a wave of massive corporate debt issuance, investors are demanding higher yields and are no longer willing to finance every large deal at tight spreads. US corporate credit market stress is surging.