A historic stock market debut is imminent, with SpaceX's initial public offering (IPO) expected in June, which may impact the crypto market due to shared liquidity. SpaceX aims to raise $75 billion at a valuation of $1.75 trillion, surpassing the largest IPO in history. This, combined with the upcoming listings of OpenAI and Anthropic, could pull in over $240 billion from June to the end of the year, exceeding the total venture-backed US IPOs since 2000.
The massive capital influx may lead to a decrease in liquidity for crypto assets, as investors allocate funds to these IPOs. Crypto assets, including bitcoin, have shown a strong correlation with tech and AI equities, and the rotation of capital from equities to IPOs may negatively impact crypto prices.
The historical context, such as Coinbase's IPO in 2021, which marked the peak of the last bitcoin cycle, suggests that institutional milestones can signal market tops rather than new beginnings. SpaceX's IPO, with its significant retail allocation and material bitcoin position, will be a key test for crypto markets, and its impact will be visible in the coming weeks.