The highly anticipated SpaceX IPO, valued at $75 billion, is set to take place in June, and its impact on the crypto market is a topic of great interest. With OpenAI and Anthropic also planning to go public, the combined capital raise of over $240 billion could significantly affect liquidity, potentially drawing funds away from bitcoin and other cryptocurrencies. This massive influx of capital may lead to a rotation out of equities and into these new IPOs, causing a downturn in the crypto market.
The historical parallel with Coinbase's 2021 IPO, which marked the peak of the last bitcoin cycle, serves as a warning that institutional milestones can frequently mark tops rather than starting lines. As the IPO approaches, it will be crucial to monitor whether crypto can hold up or will begin to drift lower as allocators free up room for the SpaceX subscription.