A historic stock market debut is on the horizon, with SpaceX's anticipated $75 billion IPO expected to take place in June, drawing interest from the same liquidity pool as crypto. This massive capital raise, combined with the planned listings of OpenAI and Anthropic, could exceed the total value of all venture-backed US IPOs since 2000.
The impact on crypto is a concern, as the same risk-on liquidity pool that funds tech and AI equities also supports bitcoin and other digital assets. With a significant retail allocation and a material bitcoin position, the SpaceX IPO has the potential to divert attention and capital away from crypto.
Whether crypto will hold up or drift lower as allocators prepare for the SpaceX subscription remains to be seen, but the outcome will be a key indicator of the market's direction in the coming weeks.