A historic stock market debut is approaching, with SpaceX's $75 billion IPO expected to draw significant interest and potentially disrupt the crypto market. The company, along with OpenAI and Anthropic, is set to raise over $240 billion in capital from June to the end of the year, surpassing the total amount raised by all venture-backed US IPOs since 2000.
This massive influx of capital may divert liquidity away from crypto, as investors allocate their funds to these new listings. The crypto market, which shares the same liquidity pool as tech and AI equities, may experience a decline in value as a result. Historical parallels, such as Coinbase's IPO in 2021, suggest that institutional milestones can mark the beginning of a downturn rather than an upswing. With SpaceX's IPO expected to have a significant retail allocation and the company holding a material bitcoin position, the impact on crypto flows will be closely watched.
The performance of crypto during the roadshow window in May and June will be a key indicator of whether it can decouple from broader risk-on flows.