SpaceX triggered a return to the stock market on June 12. Fourteen days later, one of Europe’s largest asset managers sees this as a sign of a market peak. Ludovic Subran, investment head at Allianz, warned this week that SpaceX’s rapid return to the capital markets has turned a healthy price rally into a bubble.

The warning was issued only a few days after SpaceX issued a $25 billion corporate bond. This shook the share price of Elon Musk’s company. SPCX has fallen nearly 19% over the past five days.

From a record IPO to a bubble on liquidation—within 14 days

Subran described SpaceX’s bond sales as an example of a situation where markets shift from a healthy bull run to a “bubble.” His core message highlighted a clear difference between equity and debt investors.

“The type just got $70 billion in cutting money to take us to space. Equity investors—y’all can take them to Mars. Debt investors ask, where is my interest coupon?”— Ludovic Subran, CIO, Allianz

The bond offering attracted $89 billion in orders. Banks increased the amount from $20 billion to $25 billion due to demand. SpaceX plans to use the funds to repay the $20 billion bridge loan the company took out in March. Still, debt investors received a price premium.

The 2036 tranche was priced at 1.4 percentage points above U.S. government bonds, which is about 0.4 percentage points higher than similarly rated BBB-rated companies, citing Bloomberg. U.S. investment-grade companies are currently borrowing at less than 0.8 points over government bonds, which is close to the multi-decade baseline.

A textbook example that can serve as a catalyst

SPCX began at $150 on June 12. The price rose to its intraday high of $225.64 by June 16. Then the direction turned. On June 26, SPCX’s price is around $152—down 32% from the peak, meaning that over a $600 billion market cap has been wiped out in less than two weeks.

This drop is now affecting the entire IPO pipeline more broadly. As BeInCrypto reported earlier this week, OpenAI is considering delaying its listing until 2027 due to unstable markets and growing caution among private investors after SpaceX’s unstable debut.

Analysts had already warned before the listing that SpaceX, OpenAI, and Anthropic could together bring about $3 trillion worth of new shares to the market—more than the entire U.S. IPO market raised in 2016–2025. This should be understood in light of the nearly $86 billion that SpaceX alone has raised.

SpaceX’s bond offering adds another $25 billion to total demand. Susquehanna started covering SPCX with a Neutral rating and a $170 price target. Morningstar set a fair value of $169 at best-case and said the stock is clearly overvalued at its peak.

Susquehanna Initiates Coverage on $SPCX with Neutral Rating, PT $170Analyst comments: "Over the 2025-2028 timeframe, we are forecasting SpaceX to grow revenue at an 81% CAGR and adjusted EBITDA at a 76% CAGR. In our view, some of SPCX’s key competitive advantages include: (1)… pic.twitter.com/4r0LJT3tYb

— Wall St Engine (@wallstengine) June 23, 2026

SpaceX will publish its first public earnings report on August 6. The results will determine whether the drop after the listing is just a correction or the start of broader developments.