[SpaceX's $25 Billion Bond Issuance Weakens, Long-Term Bonds Lead Decline] According to a report by Jinse Finance, on June 25, the day after raising $25 billion through the bond market, most of SpaceX's bonds weakened, with long-term bonds leading the decline. Investors showed a preference for shorter-term bonds in the company's first bond issuance. Trace data shows that as of 10:25 a.m. Wednesday in New York, SpaceX's 30-year bonds were trading at a spread of 188 basis points above comparable U.S. Treasury yields, compared to a final pricing spread of 175 basis points. The shortest-term 5-year bonds remained stable in price. Investors in this round of investment-grade bond issuance leaned toward shorter-term, lower-risk bonds, which is uncommon in large-scale bond issuances. Final subscription orders for the two longest-term tranches in this issuance were more than 40% below peak demand. This preference for shorter maturities comes as investors express concerns about SpaceX's cash flow. SpaceX is currently continuing to burn cash. According to S&P Global Ratings' forecasts, it is likely to continue doing so in the coming years. Although SpaceX's revenue is expected to keep growing, its expenditures are projected to grow even faster.