SpaceX, Elon Musk’s private aerospace company, has ventured into debt markets to fund its Starlink and Starship programs. No details on the bond’s size, terms, or maturity have been disclosed.
Allianz’s Chief Investment Officer sees this as a clear signal that credit markets have entered bubble territory. The willingness to lend to a capital-intensive, privately held firm with limited public financial scrutiny is itself the warning.
Allianz has previously flagged stretched private market valuations, and the SpaceX bond sale gives that argument a concrete anchor. The caution extends to institutional portfolios-pension funds, endowments-heavily exposed to private tech. No crypto or digital assets are directly connected to this warning.