The SpaceX Debt Debate Before Debut | Open Interest 6/11/2026

Watch on YouTube ↗  |  June 11, 2026 at 18:11  |  1:43:07  |  Bloomberg Markets
Speakers
Bruce Richards — CEO, Chairman, and Founder, Marathon Asset Management
Katrina Dudley — Head of Digital Assets, Franklin Templeton
Marc Ganzi — CEO, DigitalBridge
Mandeep Singh — Senior Analyst, Bloomberg Intelligence
Tyler Kendall — Multimedia Editor, Bloomberg

Summary

Bloomberg Open Interest covers the massive SpaceX IPO pricing, with over $70 billion in retail orders. Marathon’s Bruce Richards praises SpaceX debt as a rising star after an investment-grade refinancing, while Franklin Templeton’s Katrina Dudley warns that Wall Street now demands profits from AI spending, not just capex. DigitalBridge CEO Marc Ganzi highlights the AI power crunch and his firm’s edge in power-backed data centers. Geopolitical tensions with Iran persist but oil prices ease, and the Supreme Court shields closed-end funds from activist suits.

  • SpaceX IPO draws more than $70 billion in retail orders, pricing later today.
  • Marathon CEO Bruce Richards calls SpaceX the biggest rising star after refinancing into IG-rated debt with zero net debt.
  • Oracle shares fall as higher AI capex raises profitability concerns; Franklin Templeton's Katrina Dudley says markets now require AI return metrics.
  • DigitalBridge CEO Marc Ganzi argues AI’s next bottleneck is power and his firm's dual compute/power portfolio generates high-teen returns.
  • President Trump threatens further strikes on Iran; oil flows through Strait of Hormuz remain protected, Brent crude eases to $92.
  • Supreme Court 6-3 ruling shields closed-end funds from activist lawsuits over management decisions.
  • Bruce Richards views ECB rate hike as a policy error and expects the Fed to hold rates, keeping downward pressure on Treasuries.
  • Equity indices rise, led by Nasdaq, with yields and oil lower providing a tailwind.
Ideas
Katrina Dudley Head of Digital Assets, Franklin Templeton 52:30
Oracle's AI overspend will pressure stock.
The market is no longer blindly rewarding AI spending announcements; it now demands clear return criteria and profitability metrics. Oracle’s stock fell after reporting capex that was significantly higher than expected, and until the company can demonstrate a payoff, the negative reaction will likely continue. ORCL is a casualty of the new 'show me the returns' regime.
ORCL MED
Bruce Richards CEO, Chairman, and Founder, Marathon Asset Management 58:26
SpaceX debt is IG and transformative.
SpaceX is the biggest rising star of all time. The company recently refinanced $17.5 billion of debt that carried 10-12% coupons with a new $20 billion facility priced at ~4.60%, earning investment-grade ratings from three major agencies. With a market cap likely around $2 trillion, only $20 billion in debt puts leverage at just 1% of enterprise value, and after the IPO cash will exceed $80 billion resulting in zero net debt. The credit profile is rock-solid, and future debt issuance will remain well within strong BBB territory.
SpaceX Bonds HIGH
Bruce Richards CEO, Chairman, and Founder, Marathon Asset Management 63:04
Chip values hold, not depreciating assets.
Michael Burry's argument that AI chips are depreciating assets that will be worth a fraction after a few years is completely wrong. Silicon does not degrade; a chip can still perform exactly what it did 10-20 years ago. Demand for H100 chips will be off the charts for inference once Rubin chips are out, and chip values will hold far better than the straight-line depreciation schedule underwriters assume.
NVDA HIGH
Bruce Richards CEO, Chairman, and Founder, Marathon Asset Management 73:37
ECB policy error, buy European bonds.
The ECB made a policy error by raising rates today and will likely make another one at the next meeting. The only reason to raise rates is to dampen demand, but Europe has a supply-side oil shock, not a demand issue, and last quarter GDP contracted 0.2%. Hiking into a contracting economy is a mistake, making European government bonds attractive.
Eurozone government bonds (Bund) HIGH
Bruce Richards CEO, Chairman, and Founder, Marathon Asset Management 75:39
Fed on hold, short Treasuries.
Inflation is supply-side driven by energy, and the Fed, under Chair Kevin Warsh, will look through the headline numbers and keep rates on hold for a while. The market is wrong to price in cuts by next spring. Slightly higher rates will persist for longer, which is negative for Treasuries and fixed income.
TLT MED
Bruce Richards CEO, Chairman, and Founder, Marathon Asset Management 76:41
Credit fundamentals strong, stay long.
The fundamentals for credit are strong: earnings are robust, the economy is growing at 2.5-3%, and there is enormous structural demand from institutions and wealth channels for fixed income. Investment-grade spreads are tight at 75 bp and high yield at 300 bp, yet credit remains stable and attractive relative to volatile Treasuries. The credit markets are 'just fine' and supportive of further outperformance.
US investment grade corporate credit US high yield corporate credit MED
Marc Ganzi CEO, DigitalBridge 84:51
DigitalBridge's power-backed data centers win.
DigitalBridge owns a global-leading portfolio of 32 GW of data center compute availability, with dedicated power solutions from its Arc Light acquisition. Bringing compute and power together pushes levered returns into the mid-to-high teens. The ability to deliver on-time, independent power for AI factories creates a unique competitive advantage that justifies premium rents and sustained growth.
DBRG MED
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This Bloomberg Markets video, published June 11, 2026, features Katrina Dudley, Bruce Richards, Marc Ganzi discussing ORCL, SpaceX Bonds, NVDA, Eurozone government bonds (Bund), TLT, US investment grade corporate credit, US high yield corporate credit, DBRG. 7 trade ideas extracted by AI with direction and confidence scoring.

Speakers: Katrina Dudley, Bruce Richards, Marc Ganzi  · Tickers: ORCL, SpaceX Bonds, NVDA, Eurozone government bonds (Bund), TLT, US investment grade corporate credit, US high yield corporate credit, DBRG