A historic stock market debut is imminent, and crypto shares the same liquidity pool that will be drawn upon. SpaceX has filed for a $75 billion IPO, targeting a $1.75 trillion valuation, which could be the largest stock market debut in history if it reaches its expected June listing. This, combined with OpenAI and Anthropic's upcoming listings, could pull in over $240 billion, exceeding all venture-backed US IPOs since 2000.
The massive capital influx may impact crypto, as it operates within the same risk-on liquidity pool as tech and AI equities. Bitcoin and other major cryptocurrencies have shown tightening correlation with Nasdaq and the S&P 500, suggesting that when speculative capital leaves equities for IPO allocations, it may also affect crypto. The upcoming IPOs may serve as a test for crypto's resilience, particularly given the historical parallel with Coinbase's listing in 2021, which marked the peak of the last bitcoin cycle.
Two key features of the SpaceX listing - a 30% retail allocation and the company's material bitcoin position - will be closely watched for their potential impact on crypto flows.