A historic stock market debut is imminent, with SpaceX's planned $75 billion IPO set to make a significant impact on the market. The company has filed a confidential S-1 with the SEC, aiming for a $1.75 trillion valuation.
This listing, expected in June, could be the largest in history, surpassing Saudi Aramco's $29 billion record in 2019. Furthermore, OpenAI and Anthropic are also preparing for listings, which could collectively raise over $240 billion from June to the end of the year. This massive capital pull could have a significant effect on the crypto market, as it shares the same liquidity pool as tech and AI equities. The correlation between bitcoin, ether, and major equities like the Nasdaq and S&P 500 has been tightening over the past two cycles, suggesting that when speculative capital leaves equities for an IPO allocation, it could also impact crypto prices.
Historical parallels, such as Coinbase's listing in April 2021, which marked the peak of the last bitcoin cycle, serve as a warning that institutional milestones can often signal market tops rather than new beginnings. The upcoming SpaceX IPO, with its 30% retail allocation and significant bitcoin holdings, will be a crucial test for crypto's resilience in the face of massive capital reallocation.