A potential $75 billion IPO from SpaceX could pull capital away from bitcoin and other cryptocurrencies.

A trio of blockbuster listings led by SpaceX, OpenAI, and Anthropic is set to absorb an unprecedented amount of global capital, with more than $240 billion expected to be raised between June and year-end. That figure exceeds the combined total of all venture-backed U.S. IPOs since 2000—and crypto markets are exposed to the same liquidity pool.

At the center of attention is SpaceX, which has confidentially filed with the SEC to raise $75 billion at a $1.75 trillion valuation. If priced near that level in a potential June debut, the offering would dwarf Saudi Aramco’s record $29 billion IPO in 2019, making it the largest stock-market listing ever. According to Polymarket, traders are assigning a 65% chance to a June launch and a 53% probability that the company’s first-day market cap exceeds $2 trillion.

The pipeline doesn’t stop there. OpenAI is reportedly targeting a fourth-quarter IPO at a valuation close to $1 trillion, while Anthropic could go public as early as October, potentially raising more than $60 billion. Together, these deals could concentrate an extraordinary demand for capital into a relatively short window.

Market participants warn that such a setup may trigger a familiar pattern: strong pre-IPO optimism followed by a rotation of funds once allocations are complete. Alex Good, founder of crypto AI project Post Fiat, described the current environment as a “max bid” phase, where investment banks aggressively upgrade AI-related equities ahead of major listings to maximize fee generation.

Analysis from MSCI reinforces this view, suggesting that megacap IPOs could drive billions in index-related inflows, reshuffle sector weightings, and tighten liquidity across assets outside the newly listed कंपनies.

Cryptocurrencies such as Bitcoin and Ethereum are closely tied to this same risk-on capital cycle. In recent years, their correlation with major equity indices like the Nasdaq and S&P 500 has increased, meaning capital redirected toward IPO participation could reduce inflows into crypto markets.

A historical parallel adds to the concern. Coinbase’s public debut on April 14, 2021 coincided with bitcoin’s then-peak near $64,800, followed by a roughly 50% decline within weeks. What appeared to validate crypto’s mainstream arrival instead marked a turning point, as capital rotated out.

While SpaceX is not a crypto-native company, its IPO could still influence digital asset flows. Around 30% of the offering—roughly $22 billion—is expected to be allocated to retail investors, significantly above typical levels for deals of this scale. That allocation could divert funds that might otherwise flow into bitcoin, altcoins, or speculative tokens.

SpaceX also holds approximately 8,285 BTC, valued at around $600 million and custodied with Coinbase Prime. This makes it one of the first major IPO candidates to go public under updated accounting rules while holding a meaningful bitcoin position on its balance sheet.

The key test for crypto markets will be how they perform during the IPO roadshow period in May and June. A pullback could indicate investors are reallocating capital toward the offering, while continued strength in bitcoin may suggest that structural demand—such as spot ETF inflows—has reduced crypto’s reliance on broader risk-on liquidity.

Unlike Coinbase’s $86 billion debut in 2021, SpaceX represents a far larger and more complex event. Markets have had years to learn from past cycles, but whether those lessons hold will become clear as this new wave of mega listings unfolds.

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