Deep Tide TechFlow news: On June 25, after completing a large-scale initial public offering, SpaceX quickly launched an approximately $25 billion bond issuance, raising market concerns about financing at elevated levels and liquidity risk. Ludovic Subran, Chief Investment Officer of Allianz Group, said that companies lining up large-scale debt financing immediately after equity financing reflects that the current capital market may have shifted from a booming phase into a bubble range.

Although the bond issuance received strong subscriptions, its financing cost was higher than that of companies with similar ratings, showing that debt investors remain cautious about the company’s profitability and debt repayment prospects. At the same time, as multiple technology companies concentrate on fundraising or going public, the supply structure of the U.S. stock market is also changing. Combined with disruptions from interest rates and inflation expectations, valuations of growth assets are facing renewed pressure to be reassessed.