[SpaceX Issues $25 Billion in Bonds, Allianz Executive Warns of Bubble Risk] SpaceX has launched a bond issuance of approximately $25 billion. Ludovic Subran, Chief Investment Officer of Allianz Group, stated that companies engaging in large-scale debt financing immediately after equity financing reflects that the current capital market may have shifted from a boom phase to a bubble zone. Although the bond issuance has received strong subscription, its financing costs are higher than those of companies with the same credit rating, indicating that bond investors remain cautious about the company's profitability and debt repayment outlook. As multiple tech companies concentrate on financing or going public, the supply structure of the U.S. stock market is undergoing changes. Coupled with disruptions from interest rate and inflation expectations, growth-oriented asset valuations are facing pressure for reassessment.