#SpaceX投资级评级落地,$200亿债券发行在即



Latest news on June 18th, SpaceX just received investment-grade ratings of Baa1 from Moody’s, BBB from S&P, and BBB+ from Fitch, with a stable outlook. From a high-profile IPO to investment grade in just a few days. The traditional rating framework is completely unable to keep up with SpaceX’s speed.

At the same time, SpaceX has about $20 billion (roughly $2 billion level) in bridge loans about to mature, and the market generally expects new bonds to be issued soon for refinancing. The IPO has already raised approximately $75 billion, and now they are entering the bond market for low-cost financing.

The impact on other tech companies is obvious: SpaceX is capturing the best quality capital, and the financing costs for other companies may be passively increased. Capital in the bond market is concentrating on the top players, making life even harder for small and medium-sized tech firms.

In the crypto world, SpaceX’s large-scale entry into the traditional bond market may temporarily release some liquidity benefits for risk assets, but in the long run, traditional finance absorbing this kind of monster further squeezes the narrative space for crypto.

Old veteran thinks: SpaceX is awesome, but we small investors shouldn’t pin our hopes on others’ financing. It’s more practical to watch the chain and manage positions well. $SPCX
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