A historic stock market debut is approaching, and its impact on crypto is uncertain. SpaceX has filed for a $75 billion IPO, which could be the largest in history, with a valuation of $1.75 trillion. 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 raise may divert interest and liquidity away from bitcoin and crypto, which share the same liquidity pool as tech and AI equities. As a result, crypto prices may be affected, particularly if investors allocate funds to these IPOs instead of crypto assets. The situation bears some resemblance to Coinbase's listing in 2021, which marked the peak of the last bitcoin cycle, followed by a significant drawdown. The upcoming IPOs may test whether crypto can decouple from broader risk-on flows, or if it will be impacted by the shift in investor interest and capital allocation.