The highly anticipated SpaceX IPO is set to take place in six weeks, and its impact on the crypto market is being closely watched. With a targeted capital raise of $75 billion, the listing is expected to be one of the largest in history, surpassing Saudi Aramco's $29 billion record in 2019.
This massive influx of capital, combined with the upcoming listings of OpenAI and Anthropic, could potentially drain the liquidity that has been supporting the rise of bitcoin and other cryptocurrencies. As these companies prepare to go public, they will be competing for investment dollars, which could lead to a rotation out of crypto and into these new listings. The historical parallel with Coinbase's listing in 2021, which marked the peak of the last bitcoin cycle, is a point of concern for crypto investors. With SpaceX's IPO expected to attract significant retail investment, the question remains whether crypto will be able to hold up against the impending capital pull.