A historic stock market debut is approaching, with SpaceX's $75 billion IPO expected to draw significant interest and potentially divert liquidity away from the crypto market. The company filed a confidential S-1 with the SEC, targeting a $1.75 trillion valuation, which would make it the largest stock market debut in history.
SpaceX is not alone, as OpenAI and Anthropic are also planning to go public, with the three companies expected to raise over $240 billion from June to the end of the year. This massive capital pull could have a significant impact on the crypto market, as it sits in the same liquidity pool as tech and AI equities. The correlation between crypto and traditional assets has been tightening, and when speculative capital leaves equities for an IPO allocation, it can lead to a decline in crypto prices.
The historical parallel with Coinbase's IPO in 2021, which marked the peak of the last bitcoin cycle, is a point of concern. The upcoming IPOs will be a test of whether crypto can decouple from broader risk-on flows, and the outcome will be visible in the market starting in about six weeks.