In six weeks, one of the largest stock market debuts in history is expected, and it may have a significant impact on the crypto market. SpaceX has filed for a $75 billion capital raise at a valuation of $1.75 trillion, which could exceed Saudi Aramco's $29 billion record and become the largest stock market debut ever. This, combined with the upcoming listings of OpenAI and Anthropic, could pull in over $240 billion from June to the end of the year, surpassing every venture-backed US IPO since 2000.
The crypto market sits in the same liquidity pool as these tech and AI equities, and a massive capital influx could disrupt bitcoin and other cryptocurrencies. Historically, when speculative capital leaves equities for an IPO allocation, some of that capital would have otherwise been invested in higher-beta assets like crypto. The upcoming IPOs may trigger index-driven flows, sector-rotation effects, and a compression of liquidity, which could negatively impact crypto prices.
With a 30% retail allocation and a material bitcoin position, the SpaceX IPO is closely tied to crypto flows, making it a significant event to watch in the coming weeks.