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SpaceX's diversification trap
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Plus: The crash landing risk of AI overspending.
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Tuesday, June 30, 2026
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Ethan Swope /
Bloomberg via Getty Images
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SpaceX's bond boom is giving investors a portfolio headache
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Many investors who bought SpaceX stock at its IPO also took part in the
company's $25 billion bond offering shortly after. Analysts are warning they may not be as diversified as they think.
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<br/>
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<div>
Owning stock and bonds in the same company only counts as diversification if the two instruments respond differently to bad news, Christopher Della Fave, a capital markets executive at Post Oak Group, told CNBC. SpaceX's, he says, do not. In Della Fave's view, both the stock and the bonds rise or fall on Starlink's growth prospects and Starship's future as a rocket program.
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The
bond offering has also struggled since launch. Unrealized losses against comparable Treasury bonds had reached roughly $305 million, with the longest-maturity tranches drawing the most skepticism from the market.
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SpaceX reported a $5 billion net loss in the period leading up to its IPO, and capital spending had more than doubled year over year. The company raised the debt anyway, and investors bought it. What the bonds are ultimately worth depends on bets many of them have already made in the stock
market.
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You're Business Is Stuck In The Health Insurance Dead Zone
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Too big for
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The good news? There’s a better option. Top Provider connects businesses with PEOs that help companies access stronger buying power, better benefits, and health insurance plans typically reserved for much larger organizations. By joining a
larger employee pool, businesses can unlock more competitive rates and coverage options without enterprise headcount.
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Top Provider matches you with the right PEO in minutes. Free. No commitment. Just the right fit.
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Today's Poll
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Are stocks and bonds still a safe combination?
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Yes. Diversification still works long term
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<td align="center" bgcolor="#105C8E" style="text-align:center;vertical-align:middle;-webkit-border-radius:6px;-moz-border-radius:6px;border-radius:6px;font-size:16px;font-family:Arial,Helvetica,sans-serif" valign="middle">
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<tbody>
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<td align="center" bgcolor="#105C8E" style="text-align:center;-webkit-border-radius:6px;-moz-border-radius:6px;border-radius:6px;font-size:16px;font-family:Arial,Helvetica,sans-serif">
<!--[if !mso]><!-->
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No. The old playbook needs a rethink
</a>
<!--<![endif]-->
<!--[if mso]><a
href="https://www.ne16.com/t/10929950/222404108/10077161/1/1009235/?abb9e380=NGYzZmQyODYtMmZhOS00YzdjLWFkYzktMzQyOGNhZmI3ZDBl&f5d63f87=REIlMjAwNi0zMA&x=443de06e" target="_blank" style="-webkit-border-radius: 6px; -moz-border-radius: 6px; border-radius: 6px; color: #FFFFFF; text-decoration: none; font-family: Arial; font-size: 16px; border: none; display: block; ">No. The old playbook needs a
rethink</a><![endif]-->
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</tbody>
</table>
</td>
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<td align="center" bgcolor="#105C8E" style="text-align:center;vertical-align:middle;-webkit-border-radius:6px;-moz-border-radius:6px;border-radius:6px;font-size:16px;font-family:Arial,Helvetica,sans-serif" valign="middle">
<table align="center" bgcolor="#105C8E" cellpadding="0" cellspacing="0" style="-webkit-border-radius:6px;-moz-border-radius:6px;border-radius:6px;margin-left:auto;margin-right:auto" width="100%">
<tbody>
<tr>
<td align="center" bgcolor="#105C8E" style="text-align:center;-webkit-border-radius:6px;-moz-border-radius:6px;border-radius:6px;font-size:16px;font-family:Arial,Helvetica,sans-serif">
<!--[if !mso]><!-->
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It depends on what you're investing in
</a>
<!--<![endif]-->
<!--[if mso]><a
href="https://www.ne16.com/t/10929950/222404108/10077162/1/1009235/?abb9e380=NGYzZmQyODYtMmZhOS00YzdjLWFkYzktMzQyOGNhZmI3ZDBl&f5d63f87=REIlMjAwNi0zMA&x=bb7d0c3b" target="_blank" style="-webkit-border-radius: 6px; -moz-border-radius: 6px; border-radius: 6px; color: #FFFFFF; text-decoration: none; font-family: Arial; font-size: 16px; border: none; display: block; ">It depends on what you're investing
in</a><![endif]-->
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</div>
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<td class="td100" colspan="6" height="24" style="width:100%;height:24px;font-size:1px;vertical-align:top;font-family:Arial,Helvetica,sans-serif">
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<span style="font-family:Arial;font-size:24px">
Here's what you need to know
</span>
</h1>
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</tr>
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<td class="snippet td100" colspan="6" style="width:100%;position:static;vertical-align:top;font-family:Arial,Helvetica,sans-serif;font-size:15px">
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<a aria-label="Cheng Xin / Getty Images" style="color:#105C8E" target="_blank" title="Cheng Xin / Getty Images">
<img alt="Cheng Xin / Getty Images" class="img100" data-linktype="Normal" data-target="_blank" height="auto" src="https://inboxflows.com/_/image/https%253A%252F%252Fqz.com%252Fcdn-cgi%252Fimage%252Fwidth%253D640%252Cheight%253D360%252Cfit%253Dcover%252Cquality%253D85%252Cformat%253Dauto%252Fhttps%253A%252F%252Fassets.qz.com%252Fmedia%252FGettyImages-2227553027.jpg/?inbox_flows_img_sig=eyJwYXRoIjoiaHR0cHMlM0ElMkYlMkZxei5jb20lMkZjZCIsInRpbWUiOjE3ODI4MTQxMzcuODAxNzYxNH0:1weVOj:oMG7GafCn4ZYnvnDAozUq9FLKGZAJuTje2bsRcZAxpg" style="width:200px;max-height:338px;vertical-align:middle;border:0" width="200"/>
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<strong style="color: var(--blue-cta-default)">
<a data-linktext="The
Supreme Court blocks Trump's bid to fire a Fed governor." data-linktype="Normal" style="color:#105C8E" target="_blank">
The Supreme Court blocks Trump's bid to fire a Fed governor.
</a>
</strong>
A 5-4 majority said Fed Governor Lisa Cook was entitled to notice before her dismissal. The ruling keeps Cook in her seat while her lawsuit plays out. The court also gave Trump broad power to fire officials at most other independent agencies.
</div>
</td>
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<td class="td100" colspan="6" height="24" style="background-color:#EFEFEF;width:100%;height:24px;font-size:1px;vertical-align:top;font-family:Arial,Helvetica,sans-serif">
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<a aria-label="Scott Olson / Getty Images" style="color:#105C8E" target="_blank" title="Scott Olson / Getty Images">
<img alt="Scott Olson / Getty Images" class="img100" data-linktype="Normal" data-target="_blank" height="auto" src="https://inboxflows.com/_/image/https%253A%252F%252Fqz.com%252Fcdn-cgi%252Fimage%252Fwidth%253D640%252Cheight%253D360%252Cfit%253Dcover%252Cquality%253D85%252Cformat%253Dauto%252Fhttps%253A%252F%252Fassets.qz.com%252Fmedia%252FGettyImages-2204758921.jpg/?inbox_flows_img_sig=eyJwYXRoIjoiaHR0cHMlM0ElMkYlMkZxei5jb20lMkZjZCIsInRpbWUiOjE3ODI4MTQxMzcuODAxODgzfQ:1weVOj:tPTAJ3Jje9vLiDahi_ZA_rV_S01DNrJGuHGH53EO-SE" style="width:200px;max-height:338px;vertical-align:middle;border:0" width="200"/>
</a>
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<div>
<strong style="color: var(--blue-cta-default)">
<a data-linktext="Comcast is planning to spin off its media assets." data-linktype="Normal" style="color:#105C8E" target="_blank">
Comcast is planning to spin off its media assets.
</a>
</strong>
NBCUniversal and Sky will become a standalone public company, leaving Comcast to focus on broadband and cable. The process still needs
regulatory approval and could take a year. Comcast shareholders will get stock in both companies.
</div>
</td>
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<td class="td100" colspan="6" height="24" style="background-color:#EFEFEF;width:100%;height:24px;font-size:1px;vertical-align:top;font-family:Arial,Helvetica,sans-serif">
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<a aria-label="Michael M. Santiago / Getty Images" style="color:#105C8E" target="_blank" title="Michael M. Santiago / Getty Images">
<img alt="Michael M. Santiago / Getty Images" class="img100" data-linktype="Normal" data-target="_blank" height="auto" src="https://inboxflows.com/_/image/https%253A%252F%252Fqz.com%252Fcdn-cgi%252Fimage%252Fwidth%253D640%252Cheight%253D360%252Cfit%253Dcover%252Cquality%253D85%252Cformat%253Dauto%252Fhttps%253A%252F%252Fassets.qz.com%252Fmedia%252FGettyImages-2283426670.jpg/?inbox_flows_img_sig=eyJwYXRoIjoiaHR0cHMlM0ElMkYlMkZxei5jb20lMkZjZCIsInRpbWUiOjE3ODI4MTQxMzcuODAyMDAxN30:1weVOj:gKZJPrDQJ5eAsUT_ZfeLB9k5JsGghBUOZ4BW1Butmlg" style="width:200px;max-height:338px;vertical-align:middle;border:0" width="200"/>
</a>
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<td class="editor-cell-text td100" colspan="4" style="background-color:#EFEFEF;padding:10px;font-size:15px;font-family:Arial,Helvetica,sans-serif;width:66.6667%;line-height:1.4;vertical-align:top;mso-line-height-rule:exactly">
<div>
<strong style="color: var(--blue-cta-default)">
<a data-linktext="The latest
U.S.-Iran truce gives stock markets a reason to recover." data-linktype="Normal" style="color:#105C8E" target="_blank">
The latest U.S.-Iran truce gives stock markets a reason to recover.
</a>
</strong>
The U.S. and Iran agreed to halt fighting and reopen the Strait of Hormuz after a weekend of military exchanges. Tech stocks led last week's selloff, with Nvidia and Google each losing more than 8% of their value.
</div>
</td>
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<a aria-label="NurPhoto / Getty Images" style="color:#105C8E" target="_blank" title="NurPhoto / Getty Images">
<img alt="NurPhoto / Getty Images" class="img100" data-linktype="Normal" data-target="_blank" height="auto" src="https://inboxflows.com/_/image/https%253A%252F%252Fqz.com%252Fcdn-cgi%252Fimage%252Fwidth%253D640%252Cheight%253D360%252Cfit%253Dcover%252Cquality%253D85%252Cformat%253Dauto%252Fhttps%253A%252F%252Fassets.qz.com%252Fmedia%252FGettyImages-2223031378.jpg/?inbox_flows_img_sig=eyJwYXRoIjoiaHR0cHMlM0ElMkYlMkZxei5jb20lMkZjZCIsInRpbWUiOjE3ODI4MTQxMzcuODAyMTIyNH0:1weVOj:MYHdn3ExwSVPSmqwdQ_cQr1FZANK-qW3kz1r9rIqMXo" style="width:200px;max-height:338px;vertical-align:middle;border:0" width="200"/>
</a>
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<div>
<strong style="color: var(--blue-cta-default)">
<a data-linktext="Samsung and SK Hynix pledge $520 billion for new chip plants." data-linktype="Normal" style="color:#105C8E" target="_blank">
Samsung and SK Hynix pledge $520 billion for new chip plants.
</a>
</strong>
The companies will each build chip factories in southwestern South Korea despite industry skepticism about the
region's distance from established supply networks. Together, they produce about two-thirds of the world's memory chips.
</div>
</td>
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<tr style="background-color:#EFEFEF">
<td class="td100" colspan="6" height="24" style="background-color:#EFEFEF;width:100%;height:24px;font-size:1px;vertical-align:top;font-family:Arial,Helvetica,sans-serif">
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<td align="left" class="editor-cell-image td100" colspan="2" style="background-color:#EFEFEF;background-repeat:no-repeat;background-size:auto;vertical-align:middle;width:33.3333%;text-align:left;font-family:Arial,Helvetica,sans-serif;font-size:15px">
<a aria-label="Cheng Xin
/ Getty Images" style="color:#105C8E" target="_blank" title="Cheng Xin / Getty Images">
<img alt="Cheng Xin / Getty Images" class="img100" data-linktype="Normal" data-target="_blank" height="auto" src="https://inboxflows.com/_/image/https%253A%252F%252Fqz.com%252Fcdn-cgi%252Fimage%252Fwidth%253D640%252Cheight%253D360%252Cfit%253Dcover%252Cquality%253D85%252Cformat%253Dauto%252Fhttps%253A%252F%252Fassets.qz.com%252Fmedia%252FGettyImages-2261740868.jpg/?inbox_flows_img_sig=eyJwYXRoIjoiaHR0cHMlM0ElMkYlMkZxei5jb20lMkZjZCIsInRpbWUiOjE3ODI4MTQxMzcuODAyMjQxM30:1weVOj:8VZdsHJQeC_ON2ZSOGvuhRX3rpP1KXAaPKhcPQ_QFvY" style="width:200px;max-height:338px;vertical-align:middle;border:0" width="200"/>
</a>
</td>
<td class="editor-cell-text td100" colspan="4" style="background-color:#EFEFEF;padding:10px;font-size:15px;font-family:Arial,Helvetica,sans-serif;width:66.6667%;line-height:1.4;vertical-align:top;mso-line-height-rule:exactly">
<div>
<strong style="color: var(--blue-cta-default)">
<a data-linktext="Rocket
Lab buys Iridium's satellite network for $8 billion." data-linktype="Normal" style="color:#105C8E" target="_blank">
Rocket Lab buys Iridium's satellite network for $8 billion.
</a>
</strong>
The deal gives Rocket Lab control of Iridium's 66-satellite network and global spectrum licenses, allowing it to compete more directly with SpaceX's Starlink. Iridium shareholders will get $54 per share, half in cash and half in stock.
</div>
</td>
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<td class="td100" colspan="6" height="24" style="background-color:#EFEFEF;width:100%;height:24px;font-size:1px;vertical-align:top;font-family:Arial,Helvetica,sans-serif">
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<h1 style="mso-line-height-rule:exactly;Margin:0;font-family:Arial;font-size:24px;font-weight:bold">
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<table border="0" cellpadding="0" cellspacing="0" class="dragndrop" height="100%" style="table-layout:fixed" width="100%">
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<h2 style="mso-line-height-rule:exactly;Margin:0;font-family:Arial;font-size:20px;font-weight:bold">
Entrepreneurial Inspiration
and its free
</h2>
<div>
<br/>
</div>
<div>
Stories, insights and what's working right now from Adam Wagner - an investor and advisor to Grüns, owner of Raindrop (the agency behind Dr. Squatch) and operator of VitaWild.
</div>
<div>
<br/>
</div>
<div>
<strong style="color: var(--blue-cta-default)">
<a data-linktext="Subscribe To Adam
Wagner's Newsletter" data-linktype="Normal" style="color:#105C8E" target="_blank">
Subscribe To Adam Wagner's Newsletter
</a>
</strong>
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<td align="left" class="editor-cell-image td100" colspan="6" style="width:100%;font-size:1px;text-align:left;vertical-align:top;font-family:Arial,Helvetica,sans-serif">
<a aria-label="Linked image" style="color:#105C8E" target="_blank">
<img class="img100" data-linktype="Normal" data-target="_blank" height="auto" src="https://inboxflows.com/_/image/https%253A%252F%252Fqz.com%252Fcdn-cgi%252Fimage%252Fwidth%253D640%252Cheight%253D360%252Cfit%253Dcover%252Cquality%253D85%252Cformat%253Dauto%252Fhttps%253A%252F%252Fassets.qz.com%252Fmedia%252FGettyImages-171479587.jpg/?inbox_flows_img_sig=eyJwYXRoIjoiaHR0cHMlM0ElMkYlMkZxei5jb20lMkZjZCIsInRpbWUiOjE3ODI4MTQxMzcuODAyMzUzNH0:1weVOj:88Yq9rdeo24DrkEoJStQieR_R7spbpaw9wPvQMoT0vU" style="width:600px;max-height:338px;vertical-align:middle;border:0" width="600"/>
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<div>
<span style="color:#808080">
Bloomberg / Getty Images
<span class="ql-cursor">
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<td class="td100" colspan="6" height="24" style="width:100%;height:24px;font-size:1px;vertical-align:top;font-family:Arial,Helvetica,sans-serif">
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<span style="font-size:24px;font-family:Arial">
A major central bank says the AI spending boom looks all too familiar
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</h1>
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<tr class="trpad10">
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The Bank for International Settlements, the coordinating body for the
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BIS General Manager Pablo Hernández de Cos points to the five largest hyperscalers, the cloud computing giants leading AI infrastructure spending, as a particular concern. Fierce competition among those firms may have pushed investment to levels that leave the sector exposed if AI returns disappoint, according to Hernández de Cos. Their combined capital expenditure on AI is on course to
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Hernández de Cos thinks the current boom rhymes with canal construction in the 1830s, railway buildouts in the 1840s, and the dot-com era of the late 1990s, all of which ended in reversals severe enough to tip economies into recession. A sharp equity correction today could hit harder than past downturns of similar scale, he argues, because household exposure to stocks has grown significantly relative to both wealth and
income.
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The BIS also flags risks in how the boom is being financed. Many AI firms have moved from internal funding toward debt and complex arrangements in which the same assets may be pledged multiple times.
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