<p>每家公司都需要营运资金，尤其是在启动时。<strong>Space Exploration Technologies</strong>（SPCX 4.51%）也不例外。</p>
<p>然而，SpaceX 最近一次融资的时机和规模却有些令人担忧。我们并不是在谈论 SpaceX 在 6 月中旬的 首次公开募股，该募股筹集了 857 亿美元的资金，需求超过了其最初计划发行的 750 亿美元股票。</p>
<h2>惊喜！</h2>
<p>在没有像 6 月 12 日创纪录的 IPO 那样的轰动效应的情况下，上个月底，SpaceX发行了 250 亿美元的债券，到期日延长至 2056 年。这些资金的主要目的是全额偿还截至 3 月底为止的 200 亿美元 过渡贷款。任何剩余的收益都被指定用于 “一般企业用途”，尽管公司资产负债表上仍有近 100 亿美元的其他债务融资。</p>
<p><img src="https://imageproxy.pbkrs.com/https://g.foolcdn.com/image//query-b3A9cmVzaXplJnVybD1odHRwczovL2cuZm9vbGNkbi5jb20vZWRpdG9yaWFsL2ltYWdlcy84Nzc4MTcvd29ycmllZC1pbnZlc3Rvci1sb29raW5nLWF0LWNvbXB1dGVyLmpwZyZ3PTM4NDA?x-oss-process=image/auto-orient,1/interlace,1/resize,w_1440,h_1440/quality,q_95/format,jpg" original-src="https://imageproxy.pbkrs.com/https://g.foolcdn.com/image//query-b3A9cmVzaXplJnVybD1odHRwczovL2cuZm9vbGNkbi5jb20vZWRpdG9yaWFsL2ltYWdlcy84Nzc4MTcvd29ycmllZC1pbnZlc3Rvci1sb29raW5nLWF0LWNvbXB1dGVyLmpwZyZ3PTM4NDA"/></p>
<p>图片来源：Getty Images。</p>
<p>这引出了一个（并非完全是修辞性的问题）：为什么公司不在不到两周前就出售足够的股票，以完全消除这笔债务？显然并不是缺乏需求、定价能力或可发行股票的可用性。SpaceX 现在是一家价值 2 万亿美元的巨头，只有一小部分公司股票在公开交易。</p>
<p>更重要的是，或许债券发行应该在公开募股之前披露——即使只是作为一种可能性——特别是考虑到 SpaceX 在一段时间内将继续处于亏损状态，并可能在可预见的未来筹集更多资金。这种情况在首席执行官埃隆·马斯克将 <strong>特斯拉</strong> 变成 电动车 巨头时也是如此。</p>
<p>这并不是 SpaceX 股东自 IPO 以来面临的唯一意外。在首次公开募股后不久，公司还披露了收购 AI 编码专家 Cursor 的母公司 Anysphere 的意图，交易金额为 600 亿美元，以股票支付。同样，这是重要信息，考虑到现在发行和流通的股票数量如此之少，这本应在公开募股之前向投资者披露。</p>
<p>展开</p>
<p><img src="https://imageproxy.pbkrs.com/https://g.foolcdn.com/image//query-b3A9cmVzaXplJnVybD1odHRwczovL2cuZm9vbGNkbi5jb20vYXJ0L2NvbXBhbnlsb2dvcy9tYXJrL1NQQ1gucG5nJnc9MTI4?x-oss-process=image/auto-orient,1/interlace,1/resize,w_1440,h_1440/quality,q_95/format,jpg" alt="Space Exploration Technologies 股票报价" original-src="https://imageproxy.pbkrs.com/https://g.foolcdn.com/image//query-b3A9cmVzaXplJnVybD1odHRwczovL2cuZm9vbGNkbi5jb20vYXJ0L2NvbXBhbnlsb2dvcy9tYXJrL1NQQ1gucG5nJnc9MTI4"/></p>
<h2>NASDAQ: SPCX</h2>
<p>Space Exploration Technologies</p>
<p>今日变动</p>
<p>(-4.51%) $-6.87</p>
<p>当前价格</p>
<p>$145.29</p>
<h3>关键数据点</h3>
<p>市值</p>
<p>$1.9T 市值仅计算公开交易的流通股。不包括未上市、私有或双重类别的非交易股票。隐含市值可能有所不同。市值仅计算公开交易的流通股。不包括未上市、私有或双重类别的非交易股票。隐含市值可能有所不同。</p>
<p>日内区间</p>
<p>$145.25 - $150.45</p>
<p>52 周区间</p>
<p>$145.07 - $225.64</p>
<p>成交量</p>
<p>17K</p>
<p>平均成交量</p>
<p>154M</p>
<h2>普通股东并不掌控</h2>
<p>这一切并没有什么非法、不寻常或不当的地方。公司收购其他公司是常事。年轻公司在初期往往是亏损的，需要现金，而这通常通过以相对低廉的价格出售股票来提供，考虑到该股票的长期潜力。</p>
<p>这里的担忧在于，SpaceX 作为一家上市实体在刚成立的头几天就已经显现出的缺乏透明度。它尚未赢得与投资者进行重大收购的自由，尤其是在以去年的三倍收入的价格进行收购时。该公司尚未有资格简单地将过渡贷款转变为长期债务负担，而这对于尚未盈利的公司来说，可能很难用实际的运营利润来偿还。</p>
<p>然而，这正是发生的事情。</p>
<p>股东们应该希望这种单方面、未经审查的决策不会成为常态。然而，考虑到马斯克控制着 超过 80% 的股东投票权，如果这种情况发生，投资者几乎无能为力。</p>

SPCX

2 倍做多SpaceX ETF

2倍做多SpaceX ETF - ProShares

2倍做多SpaceX ETF - GraniteShares

2倍做空SpaceX ETF - GraniteShares 

2倍做空SpaceX ETF - Leverage Shares

2倍做多SpaceX ETF - Defiance

LOFF

<p>最近，SpaceX 发行了 250 亿美元的债券以偿还过渡贷款，并以 600 亿美元收购 Anysphere，这引发了投资者的担忧。尽管成功上市，但对于这些重大财务举措缺乏事先披露，突显了透明度问题。由于埃隆·马斯克控制着超过 80% 的投票权，股东在影响管理层单方面决策方面的权力有限</p>

<p>Every company needs working capital, particularly to get things going. <strong>Space Exploration Technologies</strong>( SPCX 4.51%) is no exception.</p>
<div class="lb-trans"><p>每家公司都需要营运资金，尤其是在启动时。<strong>Space Exploration Technologies</strong>（SPCX 4.51%）也不例外。</p>
</div><p>The timing and scope of SpaceX's most recent fundraising, however, are a bit of a red flag. We're not talking about SpaceX's mid-June initial public offering, which raised proceeds of $85.7 billion when demand exceeded the $75 billion worth of stock it originally intended to issue.</p>
<div class="lb-trans"><p>然而，SpaceX 最近一次融资的时机和规模却有些令人担忧。我们并不是在谈论 SpaceX 在 6 月中旬的 首次公开募股，该募股筹集了 857 亿美元的资金，需求超过了其最初计划发行的 750 亿美元股票。</p>
</div><h2>Surprise!</h2>
<div class="lb-trans"><h2>惊喜！</h2>
</div><p>Without nearly as much fanfare as that surrounding the record-breaking June 12 IPO, late last month SpaceX issued $25 billion in bonds with maturity dates extending all the way out to 2056. The primary purpose of these funds was to fully pay off its bridge loan, which stood at $20 billion as of the end of March. Any remaining proceeds were earmarked for &#34;general corporate purposes,&#34; although nearly $10 billion more in other debt-based financing remains on the company's balance sheet.</p>
<div class="lb-trans"><p>在没有像 6 月 12 日创纪录的 IPO 那样的轰动效应的情况下，上个月底，SpaceX发行了 250 亿美元的债券，到期日延长至 2056 年。这些资金的主要目的是全额偿还截至 3 月底为止的 200 亿美元 过渡贷款。任何剩余的收益都被指定用于 “一般企业用途”，尽管公司资产负债表上仍有近 100 亿美元的其他债务融资。</p>
</div><p><img src="https://imageproxy.pbkrs.com/https://g.foolcdn.com/image//query-b3A9cmVzaXplJnVybD1odHRwczovL2cuZm9vbGNkbi5jb20vZWRpdG9yaWFsL2ltYWdlcy84Nzc4MTcvd29ycmllZC1pbnZlc3Rvci1sb29raW5nLWF0LWNvbXB1dGVyLmpwZyZ3PTM4NDA" alt="A worried person staring at a laptop screen." original-src="https://g.foolcdn.com/image/?url=https%3A%2F%2Fg.foolcdn.com%2Feditorial%2Fimages%2F877817%2Fworried-investor-looking-at-computer.jpg&amp;w=3840&amp;op=resize"/></p>
<p>Image source: Getty Images.</p>
<div class="lb-trans"><p>图片来源：Getty Images。</p>
</div><p>This begs the (not entirely rhetorical) question: Why didn't the company just sell enough stock less than two weeks earlier to eliminate this debt entirely? It certainly wasn't a lack of demand, <em>or</em> pricing power, <em>or</em> availability of shares to issue. SpaceX is now a $2 trillion behemoth, with only a tiny fraction of the company now publicly traded.</p>
<div class="lb-trans"><p>这引出了一个（并非完全是修辞性的问题）：为什么公司不在不到两周前就出售足够的股票，以完全消除这笔债务？显然并不是缺乏需求、定价能力或可发行股票的可用性。SpaceX 现在是一家价值 2 万亿美元的巨头，只有一小部分公司股票在公开交易。</p>
</div><p>More to the point, perhaps the bond sale should have been disclosed -- even if only as a possibility -- prior to the public offering, particularly given that SpaceX is going to remain in the red for a while and is likely to raise more money in the foreseeable future. That was the case when CEO Elon Musk was turning <strong>Tesla</strong> into an electric vehicle titan, anyway.</p>
<div class="lb-trans"><p>更重要的是，或许债券发行应该在公开募股之前披露——即使只是作为一种可能性——特别是考虑到 SpaceX 在一段时间内将继续处于亏损状态，并可能在可预见的未来筹集更多资金。这种情况在首席执行官埃隆·马斯克将 <strong>特斯拉</strong> 变成 电动车 巨头时也是如此。</p>
</div><p>That's not the only curveball SpaceX shareholders were thrown since its IPO, either. Shortly after its initial public offering, the company also disclosed its intent to acquire Anysphere, the parent company of AI coding specialist Cursor, for $60 billion, payable in stock. Again, it's material information that could have been -- and arguably should have been -- disclosed to investors prior to the public offering, given how few shares are now issued and outstanding.</p>
<div class="lb-trans"><p>这并不是 SpaceX 股东自 IPO 以来面临的唯一意外。在首次公开募股后不久，公司还披露了收购 AI 编码专家 Cursor 的母公司 Anysphere 的意图，交易金额为 600 亿美元，以股票支付。同样，这是重要信息，考虑到现在发行和流通的股票数量如此之少，这本应在公开募股之前向投资者披露。</p>
</div><p>Expand</p>
<div class="lb-trans"><p>展开</p>
</div><p><img src="https://imageproxy.pbkrs.com/https://g.foolcdn.com/image//query-b3A9cmVzaXplJnVybD1odHRwczovL2cuZm9vbGNkbi5jb20vYXJ0L2NvbXBhbnlsb2dvcy9tYXJrL1NQQ1gucG5nJnc9MTI4" alt="Space Exploration Technologies Stock Quote" original-src="https://g.foolcdn.com/image/?url=https%3A%2F%2Fg.foolcdn.com%2Fart%2Fcompanylogos%2Fmark%2FSPCX.png&amp;w=128&amp;op=resize"/></p>
<h2>NASDAQ: SPCX</h2>
<div class="lb-trans"><h2>NASDAQ: SPCX</h2>
</div><p>Space Exploration Technologies</p>
<div class="lb-trans"><p>Space Exploration Technologies</p>
</div><p>Today's Change</p>
<div class="lb-trans"><p>今日变动</p>
</div><p>(-4.51%) $-6.87</p>
<div class="lb-trans"><p>(-4.51%) $-6.87</p>
</div><p>Current Price</p>
<div class="lb-trans"><p>当前价格</p>
</div><p>$145.29</p>
<div class="lb-trans"><p>$145.29</p>
</div><h3>Key Data Points</h3>
<div class="lb-trans"><h3>关键数据点</h3>
</div><p>Market Cap</p>
<div class="lb-trans"><p>市值</p>
</div><p>$1.9TMarket cap calculated using publicly traded shares outstanding only. Does not include unlisted, private, or dual-class non-traded shares. Implied market cap may vary.Market cap calculated using publicly traded shares outstanding only. Does not include unlisted, private, or dual-class non-traded shares. Implied market cap may vary.</p>
<div class="lb-trans"><p>$1.9T 市值仅计算公开交易的流通股。不包括未上市、私有或双重类别的非交易股票。隐含市值可能有所不同。市值仅计算公开交易的流通股。不包括未上市、私有或双重类别的非交易股票。隐含市值可能有所不同。</p>
</div><p>Day's Range</p>
<div class="lb-trans"><p>日内区间</p>
</div><p>$145.25 - $150.45</p>
<div class="lb-trans"><p>$145.25 - $150.45</p>
</div><p>52wk Range</p>
<div class="lb-trans"><p>52 周区间</p>
</div><p>$145.07 - $225.64</p>
<div class="lb-trans"><p>$145.07 - $225.64</p>
</div><p>Volume</p>
<div class="lb-trans"><p>成交量</p>
</div><p>17K</p>
<div class="lb-trans"><p>17K</p>
</div><p>Avg Vol</p>
<div class="lb-trans"><p>平均成交量</p>
</div><p>154M</p>
<div class="lb-trans"><p>154M</p>
</div><h2>Ordinary shareholders aren't in charge</h2>
<div class="lb-trans"><h2>普通股东并不掌控</h2>
</div><p>There's nothing illegal, atypical, or untoward about any of it. Companies acquire other companies. Young companies are often unprofitable at the beginning and need cash, which is often supplied by the sale of stock at a bargain relative to that ticker's long-term potential.</p>
<div class="lb-trans"><p>这一切并没有什么非法、不寻常或不当的地方。公司收购其他公司是常事。年轻公司在初期往往是亏损的，需要现金，而这通常通过以相对低廉的价格出售股票来提供，考虑到该股票的长期潜力。</p>
</div><p>The worry here, rather, is the lack of transparency that's already evident in just the first few days of SpaceX's existence as a publicly traded entity. It hasn't yet earned the leeway with investors to make a major acquisition at a price three times last year's revenue. The company's not yet deserving of the right to simply turn a bridge loan into a long-term debt burden that could be difficult for the unprofitable outfit to service with actual operating profits anytime soon.</p>
<div class="lb-trans"><p>这里的担忧在于，SpaceX 作为一家上市实体在刚成立的头几天就已经显现出的缺乏透明度。它尚未赢得与投资者进行重大收购的自由，尤其是在以去年的三倍收入的价格进行收购时。该公司尚未有资格简单地将过渡贷款转变为长期债务负担，而这对于尚未盈利的公司来说，可能很难用实际的运营利润来偿还。</p>
</div><p>Yet, that's exactly what's happened.</p>
<div class="lb-trans"><p>然而，这正是发生的事情。</p>
</div><p>Shareholders should be hoping this sort of unilateral, unchecked decision-making doesn't remain the norm. Given that Musk controls over 80% of total shareholder voting rights, however, there's little that investors could do if it does.</p>
<div class="lb-trans"><p>股东们应该希望这种单方面、未经审查的决策不会成为常态。然而，考虑到马斯克控制着 超过 80% 的股东投票权，如果这种情况发生，投资者几乎无能为力。</p>
</div>

SpaceX 最近的举动可能会让投资者感到担忧