A historic stock market debut is imminent, with SpaceX's initial public offering (IPO) expected to take place in June, drawing interest from the same liquidity pool as cryptocurrencies. The company has filed a confidential S-1 with the SEC, aiming to raise $75 billion at a valuation of $1.75 trillion.
This would make it the largest stock market debut in history, surpassing Saudi Aramco's $29 billion record in 2019. SpaceX is not alone, as OpenAI and Anthropic are also planning to go public, with the three companies potentially raising over $240 billion from June to the end of the year. This massive capital pull could lead to a compression of liquidity in the market, affecting not only equities but also cryptocurrencies like bitcoin.
The historical parallel with Coinbase's IPO in 2021, which marked the peak of the last bitcoin cycle, raises concerns that institutional milestones may signal tops rather than starting lines. With SpaceX holding a significant amount of bitcoin, its IPO could be the first public-market debut of a company with a material bitcoin position disclosed under new fair-value accounting rules. The impact of the SpaceX IPO on crypto markets will be closely watched, particularly during the roadshow window in May and June.