SpaceX 30-Year Bond Spread Breaks 2% as Wall Street Dealers Shift to First Net Sell Position Since 1998

According to Seoul Economic, SpaceX's 30-year bond credit spread surpassed 2 percentage points on July 14, exceeding even the average spread of below-investment-grade BB-rated issuers. The BBB-rated company's bond yield jumped from 6.7% to 7.3% within two weeks of issuance, signaling unprecedented market skepticism of long-term tech debt amid record AI infrastructure investment.

Wall Street primary dealers recorded their first net short position of $4 billion in corporate bonds since 1998, reflecting heightened defensive positioning amid geopolitical tensions and elevated rates. Meanwhile, power grid supply constraints are intensifying, with submarine high-voltage cable manufacturers reporting order books full through 2029 and major transformers facing delivery delays of up to four years.