SpaceX bond spreads widened relative to Treasurys for the fourth trading day in a row Thursday, according to MarketAxess.

SpaceX sold the $25 billion worth of debt due in 2036 at a 1.4 percentage point spread to Treasurys shortly after the rocket maker went public in June. The securities are now yielding 1.7 percentage points more than Treasury bonds. Prices fall as yields rise.

In a report last month, CreditSights analysts led by Davis Hebert attributed the lackluster performance to "fatigue on heavy AI issuance," "the roller coaster ride" of SpaceX's stock performance and high allocations to "fast money" clients looking to flip.

CreditSights also found a big discrepancy between the SpaceX bonds' trading price and other supposedly similarly creditworthy telecommunication bonds. The June 26 report found that the bonds of T-Mobile, Equinix and Verizon, which like SpaceX have a low investment-grade rating of Baa1 from Moody's, were all trading around 0.9 percentage points higher than Treasurys, compared with 1.57 percentage points for SpaceX at that time.