“I said SpaceX will be worth more than Earth if we achieve our goals.”
The stock is down 41.1% from its June peak and has shed over a trillion in market value. The 2056 bonds went out at 99.45 cents and sat at 91.07 in five weeks. Longer-dated paper yields north of 7%, which is junk pricing on an investment grade deal. Equity holders buy the story. Bondholders get paid in cash flow, and they are voting with a discount.