Big money managers are now openly calling the AI and space stocks a bubble, which is bad news for investors chasing these companies.

• Germany's Allianz, an $800 billion fund manager, says SpaceX borrowing money right after raising a huge round of stock is a sign markets have gone from a healthy boom into bubble territory.
• Bond investors want steady payments, not promises of Mars, so they are far less forgiving of Elon Musk's multi-billion-dollar losses than stock buyers are.
• OpenAI is now leaning toward delaying its IPO to 2027 because markets look shaky and it fears regular investors are out of money or have wised up.
• Musk is also launching "X Money," turning his app into a bank, and chasing deals like buying T-Mobile — part of a push to build a China-style super app despite US monopoly laws.
• Even insiders admit the hype rests on shaky ground, from "data centers in space" pitches to founders pouring personal insecurity into selling big dreams.

Outlook: If retail buyers stay away and markets stay choppy, more of these splashy IPOs get delayed and the bubble talk grows louder.