(https://www.cnbc.com/2026/06/30/blue-origin-explosion-launchpad.html) is the micro-level tell of a macro problem: growth-stage capex plays are hiding deteriorating debt service coverage underneath euphoric revenue narratives. RKLB, Iridium merger survivors, and spinoff candidates like CMCSA's upcoming split all share the same structural fragility — they've been living on cheap financing and equity raises.

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