$SpaceX(SPCX)$ Bears really think Apollo/Pimco financing $40B of NVIDIA compute for an investment-grade company is the bear case.
SPCX isn't borrowing $40B to survive. It's borrowing to scale the infrastructure that could print future revenue.
Wall Street is lining up capital for the buildout while bears are staring at the invoice.
They saw the construction bill for the Death Star and decided the Empire was broke.
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