SpaceX’s stock has fallen 38% from its post‑IPO peak, leaving early shareholders with only a 0.8% paper gain. The company raised $25bn in benchmark bonds, including the 2056 maturity priced at +175bps over Treasuries. Since issuance, the spread on the 2056 notes has widened to +231bps, turning a $100 mn allocation into roughly $90.7 mn in under a month and making it the worst‑performing triple‑B dollar bond in the ICE BofA index.

The spread blow‑out reflects a broader sell‑off in long‑dated Treasuries and a market reassessment that now prices SpaceX debt alongside Oracle’s at junk‑level yields. With 5,543 triple‑B bonds in the index and 1,450 exceeding $1bn face value, the move is significant.

If SpaceX and Oracle avoid default, the higher yields could boost long‑term returns for hold‑to‑maturity investors, but the higher cost of capital will pressure future financing plans for both firms.