<p>每家公司都需要營運資金，尤其是在啓動時。<strong>Space Exploration Technologies</strong>（SPCX 4.51%）也不例外。</p>
<p>然而，SpaceX 最近一次融資的時機和規模卻有些令人擔憂。我們並不是在談論 SpaceX 在 6 月中旬的 首次公開募股，該募股籌集了 857 億美元的資金，需求超過了其最初計劃發行的 750 億美元股票。</p>
<h2>驚喜！</h2>
<p>在沒有像 6 月 12 日創紀錄的 IPO 那樣的轟動效應的情況下，上個月底，SpaceX發行了 250 億美元的債券，到期日延長至 2056 年。這些資金的主要目的是全額償還截至 3 月底為止的 200 億美元 過渡貸款。任何剩餘的收益都被指定用於 “一般企業用途”，儘管公司資產負債表上仍有近 100 億美元的其他債務融資。</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>圖片來源：Getty Images。</p>
<p>這引出了一個（並非完全是修辭性的問題）：為什麼公司不在不到兩週前就出售足夠的股票，以完全消除這筆債務？顯然並不是缺乏需求、定價能力或可發行股票的可用性。SpaceX 現在是一家價值 2 萬億美元的巨頭，只有一小部分公司股票在公開交易。</p>
<p>更重要的是，或許債券發行應該在公開募股之前披露——即使只是作為一種可能性——特別是考慮到 SpaceX 在一段時間內將繼續處於虧損狀態，並可能在可預見的未來籌集更多資金。這種情況在首席執行官埃隆·馬斯克將 <strong>特斯拉</strong> 變成 電動車 巨頭時也是如此。</p>
<p>這並不是 SpaceX 股東自 IPO 以來面臨的唯一意外。在首次公開募股後不久，公司還披露了收購 AI 編碼專家 Cursor 的母公司 Anysphere 的意圖，交易金額為 600 億美元，以股票支付。同樣，這是重要信息，考慮到現在發行和流通的股票數量如此之少，這本應在公開募股之前向投資者披露。</p>
<p>展開</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 股票報價" original-src="https://imageproxy.pbkrs.com/https://g.foolcdn.com/image//query-b3A9cmVzaXplJnVybD1odHRwczovL2cuZm9vbGNkbi5jb20vYXJ0L2NvbXBhbnlsb2dvcy9tYXJrL1NQQ1gucG5nJnc9MTI4"/></p>
<h2>NASDAQ: SPCX</h2>
<p>Space Exploration Technologies</p>
<p>今日變動</p>
<p>(-4.51%) $-6.87</p>
<p>當前價格</p>
<p>$145.29</p>
<h3>關鍵數據點</h3>
<p>市值</p>
<p>$1.9T 市值僅計算公開交易的流通股。不包括未上市、私有或雙重類別的非交易股票。隱含市值可能有所不同。市值僅計算公開交易的流通股。不包括未上市、私有或雙重類別的非交易股票。隱含市值可能有所不同。</p>
<p>日內區間</p>
<p>$145.25 - $150.45</p>
<p>52 周區間</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>普通股東並不掌控</h2>
<p>這一切並沒有什麼非法、不尋常或不當的地方。公司收購其他公司是常事。年輕公司在初期往往是虧損的，需要現金，而這通常通過以相對低廉的價格出售股票來提供，考慮到該股票的長期潛力。</p>
<p>這裏的擔憂在於，SpaceX 作為一家上市實體在剛成立的頭幾天就已經顯現出的缺乏透明度。它尚未贏得與投資者進行重大收購的自由，尤其是在以去年的三倍收入的價格進行收購時。該公司尚未有資格簡單地將過渡貸款轉變為長期債務負擔，而這對於尚未盈利的公司來説，可能很難用實際的運營利潤來償還。</p>
<p>然而，這正是發生的事情。</p>
<p>股東們應該希望這種單方面、未經審查的決策不會成為常態。然而，考慮到馬斯克控制着 超過 80% 的股東投票權，如果這種情況發生，投資者幾乎無能為力。</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 發行了 250 億美元的債券以償還過渡貸款，並以 600 億美元收購 Anysphere，這引發了投資者的擔憂。儘管成功上市，但對於這些重大財務舉措缺乏事先披露，突顯了透明度問題。由於埃隆·馬斯克控制着超過 80% 的投票權，股東在影響管理層單方面決策方面的權力有限</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>每家公司都需要營運資金，尤其是在啓動時。<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 最近一次融資的時機和規模卻有些令人擔憂。我們並不是在談論 SpaceX 在 6 月中旬的 首次公開募股，該募股籌集了 857 億美元的資金，需求超過了其最初計劃發行的 750 億美元股票。</p>
</div><h2>Surprise!</h2>
<div class="lb-trans"><h2>驚喜！</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>在沒有像 6 月 12 日創紀錄的 IPO 那樣的轟動效應的情況下，上個月底，SpaceX發行了 250 億美元的債券，到期日延長至 2056 年。這些資金的主要目的是全額償還截至 3 月底為止的 200 億美元 過渡貸款。任何剩餘的收益都被指定用於 “一般企業用途”，儘管公司資產負債表上仍有近 100 億美元的其他債務融資。</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>圖片來源：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>這引出了一個（並非完全是修辭性的問題）：為什麼公司不在不到兩週前就出售足夠的股票，以完全消除這筆債務？顯然並不是缺乏需求、定價能力或可發行股票的可用性。SpaceX 現在是一家價值 2 萬億美元的巨頭，只有一小部分公司股票在公開交易。</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，或許債券發行應該在公開募股之前披露——即使只是作為一種可能性——特別是考慮到 SpaceX 在一段時間內將繼續處於虧損狀態，並可能在可預見的未來籌集更多資金。這種情況在首席執行官埃隆·馬斯克將 <strong>特斯拉</strong> 變成 電動車 巨頭時也是如此。</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>這並不是 SpaceX 股東自 IPO 以來面臨的唯一意外。在首次公開募股後不久，公司還披露了收購 AI 編碼專家 Cursor 的母公司 Anysphere 的意圖，交易金額為 600 億美元，以股票支付。同樣，這是重要信息，考慮到現在發行和流通的股票數量如此之少，這本應在公開募股之前向投資者披露。</p>
</div><p>Expand</p>
<div class="lb-trans"><p>展開</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>今日變動</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>當前價格</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>關鍵數據點</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 市值僅計算公開交易的流通股。不包括未上市、私有或雙重類別的非交易股票。隱含市值可能有所不同。市值僅計算公開交易的流通股。不包括未上市、私有或雙重類別的非交易股票。隱含市值可能有所不同。</p>
</div><p>Day's Range</p>
<div class="lb-trans"><p>日內區間</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 周區間</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>普通股東並不掌控</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>這一切並沒有什麼非法、不尋常或不當的地方。公司收購其他公司是常事。年輕公司在初期往往是虧損的，需要現金，而這通常通過以相對低廉的價格出售股票來提供，考慮到該股票的長期潛力。</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>這裏的擔憂在於，SpaceX 作為一家上市實體在剛成立的頭幾天就已經顯現出的缺乏透明度。它尚未贏得與投資者進行重大收購的自由，尤其是在以去年的三倍收入的價格進行收購時。該公司尚未有資格簡單地將過渡貸款轉變為長期債務負擔，而這對於尚未盈利的公司來説，可能很難用實際的運營利潤來償還。</p>
</div><p>Yet, that's exactly what's happened.</p>
<div class="lb-trans"><p>然而，這正是發生的事情。</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>股東們應該希望這種單方面、未經審查的決策不會成為常態。然而，考慮到馬斯克控制着 超過 80% 的股東投票權，如果這種情況發生，投資者幾乎無能為力。</p>
</div>

SpaceX 最近的舉動可能會讓投資者感到擔憂