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, seeking to raise $75 billion at a valuation of $1.75 trillion.
If successful, this would be 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 combined funding expectations exceeding $240 billion from June to year-end. This massive capital pull could have a significant impact on the liquidity of bitcoin and other cryptocurrencies, which share the same risk-on liquidity pool as tech and AI equities.
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 a top rather than a starting line for crypto. With a 30% retail allocation and a material bitcoin position disclosed under new fair-value accounting rules, SpaceX's IPO is closely tied to crypto flows, making it a crucial event to watch in the coming weeks.