SpaceX’s $25 billion debt sale raises concentration risk concerns

SpaceX’s $25 billion debt sale drew nearly $90 billion of orders, but analysts said the financing highlights both the company’s funding needs and concentration risk for investors who now hold its shares and bonds after its June 12 IPO. The listing also helped drive a broader surge in equity issuance: global equity fundraising reached $729.4 billion in the first half of 2026, the second-best start to a year on record, according to Mergermarket data, while U.S. IPOs and share sales hit a record $251 billion. SpaceX raised $86.25 billion in its June 12 IPO, and, counted as a technology company, helped push tech deals to about $302 billion globally, an all-time record for the sector in the first six months of a year. Analysts said owning SpaceX equity and bonds does not provide true diversification because both depend on the same business execution, including Starlink scaling and Starship performing as planned.