A historic IPO is approaching, with SpaceX aiming to raise $75 billion at a valuation of $1.75 trillion, potentially surpassing Saudi Aramco's record-breaking $29 billion IPO in 2019. This massive capital raise, combined with the upcoming listings of OpenAI and Anthropic, could pull in over $240 billion from June to year-end, exceeding the total venture-backed US IPOs since 2000. The resulting liquidity drain may impact bitcoin and crypto, which have been trading in tandem with tech and AI equities.
As institutional investors allocate funds to these IPOs, they may withdraw from other assets, including crypto, potentially triggering a decline. The IPO's 30% retail allocation and SpaceX's significant bitcoin holdings further complicate the situation, making it a crucial test for crypto's resilience in the face of competing liquidity demands.