SpaceX stock (SPCX) closed just above $115 on Wednesday, nearly 20% below its June IPO price, while its 2056 bonds sank to a record low below 89.

The dual decline pushed the bonds’ yield to worst to 7.6% and reignited talk of an AI-driven valuation reset across stocks and crypto. SPCX now trades roughly 48% below its June peak of $225.64.

Bond Market Flashes a Warning Signal

SpaceX priced $25 billion in bonds in June across five tranches, with coupons ranging from 5.35% to 6.65%. The longest maturity, due in 2056, has fallen the most and now trades alongside junk-rated debt.

Zerohedge reported the bonds slipping below 89 this week, alongside a broader selloff in hyperscaler debt. The move…