A historic stock market debut is imminent, with SpaceX's planned $75 billion IPO in June drawing attention from the same liquidity pool that supports bitcoin and crypto. Alongside OpenAI's expected Q4 listing at a near $1 trillion valuation and Anthropic's potential $60 billion debut, these companies are set to raise over $240 billion from June to year-end, surpassing the combined total of all venture-backed US IPOs since 2000. This massive capital pull may trigger a rotation out of equities, including crypto, as investors allocate funds to these new listings.
The correlation between crypto and equities, particularly in the tech and AI sectors, raises concerns about the potential impact on bitcoin and other major cryptocurrencies. With a significant retail allocation of $22 billion in the SpaceX IPO, investors may divert funds from crypto to participate in this historic listing, potentially leading to a decline in crypto prices. Furthermore, as the first public company with a material bitcoin position, SpaceX's IPO may have a direct impact on crypto flows. The upcoming roadshow in May and June will be a critical test for crypto, as it may indicate whether the asset class can decouple from broader risk-on flows or will be affected by the liquidity shift towards these high-profile IPOs.