SpaceX launches its first investment-grade bonds, reinforcing expectations of a rise in long-term real interest rates in the US.

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SpaceX's first investment-grade bond issuance is providing new evidence for the market’s assessment that US long-term real interest rates are rising. This financing not only reflects the US capital market's continued enthusiasm for ultra-long-term growth projects, but also tests the US economy's ability to withstand higher real interest rates.

The issuance size is at least $20 billion, and the bonds are expected to offer generous coupons. According to Bloomberg, underwriting banks have begun pitching this first investment-grade bond to investors, with maturities ranging from 5 to 30 years.

The overall market yield rose on Monday, with the yield of the US 10-year benchmark Treasury increasing by 5.35 basis points to 4.5068%. The two-year US Treasury yield rose by 5.76 basis points to 4.2342%, remaining in an upward trend and narrowly fluctuating around 4.22% throughout the day. This is seen as a sign that investment portfolios are making space to digest this issuance.

Bloomberg analyst Alyce Andres pointed out that if market demand is strong, it will indicate to the outside world that the capital market is still willing to finance ultra-long duration growth projects, and the US economy is capable of absorbing higher real interest rates for a longer period, thereby further supporting the upward movement of US Treasury yields.

Supporting subsequent scale expansion through debt rather than equity financing can effectively avoid dilution of existing shareholders while maintaining a high valuation. This choice of path itself also shows, under the current market environment, the strategic appeal of long-duration debt financing for high-growth enterprises.

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