# SpaceX $25 Billion Bond Deal, Micron Earnings & UK Political Crisis Explained

Page: https://stenobird.com/podcast/market-maker-3553881/spacex-25-billion-bond-deal-micron-earnings-uk-political-crisis-explained
Text version: https://stenobird.com/podcast/market-maker-3553881/spacex-25-billion-bond-deal-micron-earnings-uk-political-crisis-explained.md
Podcast: [Market Maker](https://stenobird.com/podcast/market-maker-3553881)
Published: 2026-06-26T20:27:30+00:00
Episode link: https://podcasters.spotify.com/pod/show/amplify-me/episodes/SpaceX-25-Billion-Bond-Deal--Micron-Earnings--UK-Political-Crisis-Explained-e3lat1q
Audio file: https://traffic.megaphone.fm/APO9591587942.mp3
Processing state: not_requested
JSON: https://stenobird.com/v1/public/podcasts/market-maker-3553881/episodes/spacex-25-billion-bond-deal-micron-earnings-uk-political-crisis-explained
Duration seconds: 2295

## Resource

SpaceX raised $86 billion in its IPO then borrowed another $25 billion from the bond markets days later. Anthony Cheung and Piers Curran break down the financial engineering behind the deal, what a BAA1 credit rating means, and why Elon Musk is playing a completely different game to everyone else. Micron just posted EBITDA up 15x year-on-year with gross margins jumping from 39% to 85%. We unpack what that tells us about who's really winning the AI race and why it's no longer the Mag 7. Finally, Keir Starmer is out. UK gilt yields broke above 5% for the first time in decades before falling back sharply. We explain why markets rallied on the news and what Andy Burnham as Prime Minister means for U.K. bond markets. (00:00) Introduction (00:22) SpaceX Post-IPO Sell-Off (05:15) Mag 7 vs Semiconductors (12:27) Oil, Iran & the Fed's Hawkish Turn (15:45) Micron's Blowout Earnings (22:18) SpaceX's $25bn Bond Deal Explained (31:29) Keir Starmer Resigns UK Market Reaction

## Actions

- request_transcript: `POST https://stenobird.com/v1/public/podcasts/market-maker-3553881/episodes/spacex-25-billion-bond-deal-micron-earnings-uk-political-crisis-explained/transcription-requests` — Idempotently request low-priority transcript generation for this episode.
- read_markdown: `GET https://stenobird.com/podcast/market-maker-3553881/spacex-25-billion-bond-deal-micron-earnings-uk-political-crisis-explained.md` — Read the agent-friendly Markdown representation of this episode resource.

A page view does not enqueue transcription. Agents should invoke `request_transcript` explicitly when they need this episode processed.

## Transcript

Full transcripts are not published on public pages unless there is a clear rights basis.