A historic stock market debut is imminent, with SpaceX's planned $75 billion IPO drawing attention from investors. The company 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. OpenAI and Anthropic are also planning to go public, with valuations nearing $1 trillion and potentially raising over $60 billion, respectively.
The combined capital raise of over $240 billion from these IPOs could exceed the total venture-backed US IPOs since 2000, according to PitchBook estimates. This massive influx of capital may impact the liquidity of bitcoin and crypto, as they share the same risk-on liquidity pool as tech and AI equities.
The historical parallel with Coinbase's IPO in 2021, which marked the peak of the last bitcoin cycle, raises concerns about the potential impact on crypto. The 30% retail allocation in SpaceX's IPO, roughly $22 billion, may also divert funds away from crypto. As the roadshow window approaches in May and June, it will be crucial to monitor whether crypto holds up or begins to drift lower as allocators prepare for the SpaceX subscription.