SpaceX lands an investment-grade rating—$20 billion worth of bonds are going to be issued.

I have spot $SPX on hand. The position isn’t great—I entered at an average price around 186. Just now I checked the current market price: 274. My unrealized profit is about 47%, which is almost enough to cover the two gaps I lost on other AI coins before.

Honestly, I didn’t plan to hold this trade for this long at the beginning.

Back then, when SPCX had just listed, it surged to around 190. I placed a limit order at 186, thinking that once the liquidity dried up it would retrace to 160, and then I’d add on. But it just held above 210 and didn’t look back—I never even got a chance to add.

Those days were pretty uncomfortable.

I had the asset in hand, but watching it climb step by step made me feel like I bought too little. Luckily, I didn’t chase the rally and add more this time—otherwise, during the days of the pullback, I definitely would’ve been shaken out.

Now looking back, for a target like SpaceX, on-chain data is actually a very good piece of evidence. On the day of its IPO, the trading volume ranked alongside Charles Schwab’s five busiest trading days in history, showing that institutions are truly eating up the supply.

The rating landing isn’t the real point—it only anchors the valuation at a more stable level. The bond issuance is the real liquidity test.

$20 billion in IG bonds—if Wall Street investment banks dare to underwrite it, that shows they believe cash flows can cover the interest. As long as that expectation doesn’t break, SPCX’s fundamental logic won’t change.

For targets like this in the future, I’ll pay more attention to building a base position during the early stages of liquidity release, rather than waiting for confirmation of a pullback.

Do you think this bond issuance will push $SPX ’s valuation up another level, or is it just a financial hedge for Musk’s personal trillion-dollar assets?

The whole thing about SpaceX’s rating landing is, in essence, a stress test for “super–high market cap tech companies entering the bond market.” If SPCX’s bond issuance goes smoothly, institutional funds will be more willing to treat these assets as “an alternative core allocation,”

then $BTC and the risk-on capital for altcoins might actually have some of their share pulled away—after all, the Sharpe ratio of IG bonds is too attractive in today’s macro environment.
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