[Havoc]

By „equity buffer“ I don’t mean equity in the balance sheet sense you seem think.

In this case the gap between the value bond market and equity markets assign to spacex is equal to market cap ie a trillion.

If equity markets are right there is a trillion of spare equity buffer ( ie equity in the enterprise value sense not accounting equity) before endangering bonds and the bond people are idiots for marking their bonds down. If bond market is right equity is worthless and equity people are silly to push it to a trillion market cap.

Either way someone is wrong by a trillion.