A historic stock market debut is imminent, and crypto markets are bracing for impact. SpaceX has filed a confidential S-1 with the SEC, aiming to raise $75 billion at a valuation of $1.75 trillion. This massive IPO, combined with those of OpenAI and Anthropic, could pull in over $240 billion from June to year-end, surpassing the total venture-backed US IPOs since 2000.
The crypto market, which shares the same liquidity pool as tech and AI equities, may feel the effects of this capital shift. With a 30% retail allocation and a significant bitcoin position, SpaceX's IPO could be a test for crypto's resilience. As the roadshow approaches, crypto's performance will be closely watched to see if it can decouple from broader risk-on flows or if it will be impacted by the liquidity drain.