A wall of stacked government bond certificates with rising yield figures printed across them, close-up shot from a slight low angle, cold blue overhead light with a faint red warning glow from the right, deep shadows pooling between the documents, shallow depth of field.

Bond Vigilantes Return as Yields Punch Through Danger Zone

By Oliver BennsMay 25, 2026

The US 30-year Treasury yield climbed above 5.2% last week, its highest since July 2007, with 30-year yields in Canada, Germany, France, Spain and Switzerland also hitting 12-month highs. Inflation has stayed sticky, with US CPI at 3.8% and PPI at 6%, pushing the implied odds of a Fed rate hike before year-end from under 10% in January to above 40%. A Bank of America survey found 62% of fund managers now expect 30-year yields to reach 6% this year, a level last seen in 1999. Higher yields threaten the AI buildout in particular, where more than $1tn of largely floating-rate debt funds capex that is outrunning revenue.

SpaceX Targets $2tn IPO With Money-Furnace Stapled On

SpaceX has filed to raise at least $80bn in what would be the largest IPO in history, targeting a valuation near $2tn ahead of a June 12 debut. The filing shows 2025 revenue of $19bn and a Q1 net loss of $4.3bn on $4.7bn in sales, with cash falling from $25bn to $16bn in 90 days as xAI losses ballooned to $6.4bn on $3.2bn of revenue. At $2tn the company would trade above 100 times trailing sales while growing 15%, against Nvidia at under 22 times sales growing 85%. Roughly 30% of the allocation has been reserved for retail investors, triple the typical IPO share.

James Murdoch Buys New York Mag and Vox Podcasts for $300m

James Murdoch has acquired New York Magazine and the Vox Media Podcast Network in a deal valued at around $300m, leaving Vox's web properties including Eater, Vulture and SB Nation independent for now. The podcast network is the prize: US podcast ad revenue grew 26% in 2024 to $2.9bn, making it the fastest-growing ad-supported medium outside Meta and Alphabet. The deal caps a brutal decade for digital media peers, with Vice bankrupt and CNET, Mic and Mashable each losing more than 80% of their value.