A historic stock market debut is imminent, with SpaceX's $75 billion IPO expected to take place in June, potentially affecting the crypto market. SpaceX, OpenAI, and Anthropic are set to raise a combined total of over $240 billion from June to the end of the year, a massive capital pull that could exceed the combined total of every venture-backed US IPO since 2000. This significant influx of capital may lead to a reduction in liquidity for bitcoin and crypto, as they share the same risk-on liquidity pool as tech and AI equities. The IPOs of these companies could trigger index-driven flows, sector-rotation effects, and a compression of liquidity, ultimately affecting the crypto market.
With a 30% retail allocation and a material bitcoin position, SpaceX's IPO is likely to have a direct impact on crypto flows. The question remains whether crypto will hold up through the roadshow window in May and June or begin to decline as allocators make room for the SpaceX subscription.