德国安联集团投资长卢多维克·苏布兰警告，SpaceX在完成创纪录的首次公开募股（IPO）筹集860亿美元后不久，又决定发行250亿美元的债券，这清楚表明市场正在进入「泡沫领域」，投资人对市场过热感到愈发担忧。

苏布兰指出，债券投资人对马斯克旗下太空与人工智慧公司的亏损容忍度较低，股权投资人或许愿意为登陆火星的愿景买单，但债券投资人更关心实际的票息回报。尽管面临高额借贷成本，SpaceX的债券发行仍获得强劲需求。

随著美股近期出现动荡，加上SpaceX、Anthropic及OpenAI等科技公司的大量发股潮，市场面临资金需求的极限考验。而在联准会可能维持高利率的预期下，高成长企业的估值面临压力，SpaceX的股价也已从高点回落。

Ludovic Subran, chief investment officer at Allianz, warned that SpaceX's decision to launch a $25 billion bond sale shortly after its record $86 billion IPO is a clear sign that markets are entering "bubble territory," highlighting growing investor anxiety over market frothiness. (Key numbers: 860, 250)

Subran noted that bond investors are less forgiving of losses at Elon Musk's rocket and AI company than equity investors, emphasizing their focus on interest coupons rather than future dreams of Mars. Despite paying higher borrowing costs than peers, SpaceX still met strong demand.

Recent stock market turbulence and a deluge of upcoming share issuances from firms like SpaceX, Anthropic, and OpenAI are testing the limits of investor demand. Amid expectations of higher interest rates from the Fed, valuations of high-growth companies are pressured, causing SpaceX's stock price to drop significantly.