SPCX has only been listed for a few days and is already issuing bonds, with a scale of 20 billion dollars, one of the largest initial bond offerings in history.

I keep thinking about one thing: a company with 100 billion dollars in cash on its books, why does it still need to borrow money?
The only possible answer is—Musk is stockpiling ammunition for the next round of space infrastructure and AI computing expansion.
Cash is enough for daily operations, but to develop Starship V3 and the next-generation supercomputers for xAI, 100 billion dollars isn't really a lot.
The bond market's reaction is also very honest: the stock price dropped 16% in one day, and the cost of issuing bonds is definitely more expensive than pre-listing expectations.
This isn't a "confidence vote," it's a "buy time with money" move.
In the short term, SPCX needs to digest this dilution expectation, but in the long run, Musk has never reckless with high valuations—borrowing money precisely shows he's serious about fighting.
‍#SPCX #马斯克 #美债