There's more than one rebase possible per transaction, in which case the last rebase event will overwrite earlier ones in the subgraph state.
Here is an example of a transaction with multiple rebases (though incorrectly identified by Etherscan) https://etherscan.io/tx/0x0d5c63acf3f32aed3e86bc43c2b1b610a7c1fc000b6f9616fb7175e85106aa17#eventlog