A historic stock market debut is imminent, and the crypto market is bracing for impact. SpaceX has filed a confidential S-1 with the SEC, aiming to raise $75 billion at a valuation of $1.75 trillion. This would surpass Saudi Aramco's $29 billion record, making it the largest stock market debut in history. With OpenAI and Anthropic also planning to go public, the combined capital raise could exceed $240 billion, outpacing every venture-backed US IPO since 2000.
The massive influx of capital could lead to a rotation out of equities and into these new listings, potentially affecting crypto markets. As crypto assets are closely tied to the same liquidity pool as tech and AI equities, a significant shift in investor sentiment could have far-reaching consequences.
The historical precedent set by Coinbase's IPO in 2021, which marked the peak of the last bitcoin cycle, serves as a cautionary tale. With SpaceX's IPO on the horizon, traders are watching closely to see how crypto markets will react to the changing landscape.