SpaceX Bonds Come Back Down to Earth
Equilend data shows borrow demand rising in SpaceX’s 2056 notes as the bonds slide and AI funding questions grow.
Equilend Borrow Value on SpaceX’s 6.65% notes due 2056, the longest-dated of its June issue, has risen about 12% in a month to approximately $540 million, as the bonds slipped from about 97 cents to about 84 cents on the dollar since June. The Equilend Short Interest Indicator shows nearly a fifth of the $3.5 billion issue is on loan.
SpaceX plans to spend $35 billion to $40 billion on AI computing this quarter, roughly double the spending in Q3, as investors question how the AI boom is paid for. On November 4, Goldman Sachs and Apollo began selling investors a share of a $40 billion loan to buy AI chips at a reported about 8%, yet those chips can lose much of their value within five to six years.
Equilend data shows lending activity rising as bond prices decline. The borrowing could reflect outright short positioning, hedging or a mix of both, and the data points to growing investor attention on the name.
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