SpaceX收涨1%，终结三连跌！首发债券获约3.6倍认购，凸显市场心态谨慎

华尔街见闻06-24

SpaceX首次进军债市吸引了近900亿美元的认购订单，但债券投资者对短期限品种的集中追捧和高于同类企业的信用利差，折射出市场对公司长期现金流可持续性的深层疑虑。据彭博援引知情人士透露，SpaceX周二以五档期限结构发行250亿美元债券，为该公司首次公开发债，共吸引近900亿美元认购订单。今年以来高评级债券交易的平均认购倍数约为发行规模的四倍，SpaceX的认购倍数约为3.6倍低于此。然而，需求的...

网页链接

免责声明：本文观点仅代表作者个人观点，不构成本平台的投资建议，本平台不对文章信息准确性、完整性和及时性做出任何保证，亦不对因使用或信赖文章信息引发的任何损失承担责任。

精彩评论

我们需要你的真知灼见来填补这片空白

发表看法

{"i18n":{"language":"zh_CN"},"isChannel":false,"data":{"share":"https://www.laohu8.com/m/news/1127850788?lang=zh_CN&edition=full","thumbnail":"https://community-static.tradeup.com/news/a43a56d11bab91896a3215ef622b09e4","is_english":false,"pubTime":"2026-06-24 07:36","share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","id":"1127850788","market":"us","top_or_hot":-1,"title":"SpaceX收涨1%，终结三连跌！首发债券获约3.6倍认购，凸显市场心态谨慎","media":"华尔街见闻","content":"<div>\n<p>SpaceX首次进军债市吸引了近900亿美元的认购订单，但债券投资者对短期限品种的集中追捧和高于同类企业的信用利差，折射出市场对公司长期现金流可持续性的深层疑虑。据彭博援引知情人士透露，SpaceX周二以五档期限结构发行250亿美元债券，为该公司首次公开发债，共吸引近900亿美元认购订单。今年以来高评级债券交易的平均认购倍数约为发行规模的四倍，SpaceX的认购倍数约为3.6倍低于此。然而，需求的...</p>\n\n<a href=\"https://wallstreetcn.com/articles/3775328\">网页链接</a>\n\n</div>\n","source":"lsy1762389672944","html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>SpaceX收涨1%，终结三连跌！首发债券获约3.6倍认购，凸显市场心态谨慎</title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 11px; color: #7E829C; margin: 0;line-height: 11px;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nSpaceX收涨1%，终结三连跌！首发债券获约3.6倍认购，凸显市场心态谨慎\n</h2>\n\n<h4 class=\"meta\">\n\n\n2026-06-24 07:36 北京时间&nbsp;&nbsp;&nbsp;<a href=https://wallstreetcn.com/articles/3775328><strong>华尔街见闻</strong></a>\n\n\n</h4>\n\n</header>\n<article>\n<div>\n<p>SpaceX首次进军债市吸引了近900亿美元的认购订单，但债券投资者对短期限品种的集中追捧和高于同类企业的信用利差，折射出市场对公司长期现金流可持续性的深层疑虑。据彭博援引知情人士透露，SpaceX周二以五档期限结构发行250亿美元债券，为该公司首次公开发债，共吸引近900亿美元认购订单。今年以来高评级债券交易的平均认购倍数约为发行规模的四倍，SpaceX的认购倍数约为3.6倍低于此。然而，需求的...</p>\n\n<a href=\"https://wallstreetcn.com/articles/3775328\">网页链接</a>\n\n</div>\n\n\n</article>\n</div>\n</body>\n</html>\n","isBrief":false,"type":0,"news_type":1,"symbol":"SPCG","symbol_name":"2倍做空SpaceX ETF-Tradr","start_time":0,"source_url":"https://wallstreetcn.com/articles/3775328","article_id":"1127850788","we_media_id":null,"thumbnails":["https://community-static.tradeup.com/news/a43a56d11bab91896a3215ef622b09e4"],"rights":null,"url":"https://stock-news.laohu8.com/highlight/detail?id=1127850788","pubTimestamp":1782257764,"columns":[],"sourceInfo":{"source_id":"lsy1762389672944","name":"华尔街见闻"},"weMediaInfo":null,"summary":"今年以来高评级债券交易的平均认购倍数约为发行规模的四倍，SpaceX的认购倍数约为3.6倍低于此。标普全球评级预测，SpaceX将持续消耗现金至2030年，且明年烧钱速度将大幅提速。周二SpaceX股价盘中一度上涨5.6%，最终收涨0.98%，终结此前连续三个交易日下跌的趋势。SpaceX股价周二小幅反弹，此前三个交易日的连续下跌已令公司市值蒸发逾6000亿美元。","collect":0,"end_time":0,"defaultTopTitle":"wallstreetcn.com","property":[],"viewcount":null,"language":"zh","relate_stocks":{"SPCG":"2倍做空SpaceX ETF-Tradr","SPCU":"2倍做多SpaceX ETF-Defiance","SPCX":"SPAC and New Issue ETF","SNK":"2倍做空SpaceX ETF-GraniteShares","SPCQ":"2倍做空SpaceX ETF-Defiance","SPCH":"2倍做多SpaceX ETF-Leverage Shares","LOFF":"2倍做多SpaceX ETF-Direxion","SPAL":"2倍做多Space X ETF-GraniteShares","SPCF":"2倍做多SpaceX ETF-ProShares","SPAX":"2倍做多SPACEX ETF-T-REX","SSPC":"2倍做空SpaceX ETF-Leverage Shares","SPCM":"2倍做多SpaceX ETF-Tradr"},"translate_title":"SpaceX closed up 1%, ending a three-game losing streak! The initial bonds were subscribed for approximately 3.6 times, highlighting the cautious market mentality","themeId":"6c5b1e98ab57449e9a363569b6b7313b","isJumpTheme":false,"ttsUrl":"https://static.tigerbbs.com/7da97ebb3f80895a210e9f7f1e7107fd","symbols_score_info":{"SPAL":0.6,"SPCF":0.6,"LOFF":0.6,"SPCH":0.6,"SPCM":0.6,"SSPC":0.6,"SPAX":0.6,"SPCG":0.6,"SPCX":2,"SPCU":0.6,"SNK":0.6,"SPCQ":0.6},"content_text":"SpaceX首次进军债市吸引了近900亿美元的认购订单，但债券投资者对短期限品种的集中追捧和高于同类企业的信用利差，折射出市场对公司长期现金流可持续性的深层疑虑。据彭博援引知情人士透露，SpaceX周二以五档期限结构发行250亿美元债券，为该公司首次公开发债，共吸引近900亿美元认购订单。今年以来高评级债券交易的平均认购倍数约为发行规模的四倍，SpaceX的认购倍数约为3.6倍低于此。然而，需求的结构颇值关注。另有知情人士表示，认购最为踊跃的是期限最短的一档，即风险相对最低的品种。与此同时，SpaceX为10年期债券支付的信用利差，在经过压缩后仍比评级相近的英特尔同期限债券高出约50个基点。这一市场格局揭示了股债投资者之间的根本分歧：股票投资者愿意为马斯克的宏大愿景支付溢价，债券投资者则更关注偿债能力与现金流的安全边际。标普全球评级预测，SpaceX将持续消耗现金至2030年，且明年烧钱速度将大幅提速。周二SpaceX股价盘中一度上涨5.6%，最终收涨0.98%，终结此前连续三个交易日下跌的趋势。此前三个交易日的连续下跌已令公司市值蒸发逾6000亿美元。高溢价与短端偏好，信用市场态度审慎SpaceX此次10年期债券的价格指引较美国国债利差约在25至140个基点之间；即便经过收窄，这一利差仍比评级相近的英特尔10年期债券高出约50个基点，反映出信用市场对这家公司的差异化定价。认购向短期限债券集中倾斜，在业内是一个有说明意义的信号。期限越短，投资者对远期偿债能力的依赖程度越低。这一偏好结构，直接指向市场对SpaceX未来现金流走势的保留态度。供给预期亦在压制部分买盘。SpaceX预计未来数年内将在债市持续融资数十亿美元，投资者当前急于建仓的动力因此有所削弱。烧钱至2030年，支出增速快于收入债市情绪的核心制约来自SpaceX的财务前景。据标普全球评级上周报告，SpaceX当前仍在持续消耗现金，预计这一趋势将延续至2030年，且明年消耗速度将大幅跃升——公司收入虽有望增长，但支出扩张的步伐预计更快。SpaceX的业务版图横跨多个前沿领域：扩建全球覆盖的星链卫星网络、深度布局人工智能业务，乃至计划将数据中心送入太空。然而，对债券投资者而言，这些宏大项目的直接收益十分有限——无论公司发展多好，债券持有人的回报通常上限就是约定的利息收入与到期本金偿还。Shorecliff Asset Management Co.创始人兼首席投资官Grant Nachman表示：\"股票投资者享有上行收益，债券持有人则没有。因此，投资者必须为风险获得补偿。这就是为什么一家公司市值可以高达数万亿美元，却仍需支付可观的利差才能进入债务资本市场。\"股债逻辑各异，信仰溢价止步债市本月，SpaceX完成史上最大规模IPO，在股票市场激起热烈追捧。纽约公关经理Anna Watts在申购期间表示：\"对于投资一家史上最具雄心的公司之一来说，再多资金也不嫌多。\"然而，即便是股市的热情也已出现消退迹象。SpaceX股价周二小幅反弹，此前三个交易日的连续下跌已令公司市值蒸发逾6000亿美元。债市的逻辑则截然不同。债券持有人的回报不会因公司超预期表现而随之提升，风险收益的不对称使得债市天然更加保守。截至6月19日，SpaceX账面现金超过1000亿美元；标普全球评级亦指出，若有必要，SpaceX可通过压缩资本开支来维护高评级，也可选择增发股权融资。","kind":"news","is_publish_news":true,"is_publish_highlight":true,"is_publish_live":false,"is_publish_wemedia":false,"editions":null,"column":"","sentiment":"-1","news_tag":"corporation,movement","news_rank":0,"isVideo":false,"video":null,"symbols":[],"gpt_button":1,"need_auth":false,"need_login_tip":false,"code":"91000000","status":"200"},"commentList":[],"isCommentEnd":true,"newsSizeData":{"likeSize":0,"commentSize":0,"repostSize":0,"favoriteSize":0,"likeStatus":false,"favoriteStatus":false},"APP":{"userAgent":"Mozilla/5.0 AppleWebKit/537.36 (KHTML, like Gecko; compatible; ClaudeBot/1.0; +claudebot@anthropic.com)","isDev":false,"isTTM":false,"isLaohu8Offline":false,"tenantId":"TBCN","deviceId":"web-server-community-laohu8-v3","version":"4.44.1","shortVersion":"4.44.1","platform":"web","vendor":"web","appName":"laohu8","isIOS":false,"isAndroid":false,"isTiger":false,"isTHS":false,"isWeiXin":false,"isWeiXinMini":false,"isWeiBo":false,"isQQ":false,"isBaiduSwan":false,"isBaiduBox":false,"isDingTalk":false,"isToutiao":false,"isOnePlus":false,"isHuaWei":false,"isXiaomi":false,"isXiaomiWebView":false,"isOppo":false,"isVivo":false,"isSamsung":false,"isMobile":false},"href":"/m/news/1127850788","isCrawlerRequest":true}