SpaceX is reportedly seeking to raise $75 billion at a valuation of approximately $1.77 trillion, making it one of the largest IPOs in history. Analysts including GSR's Spencer Hallarn, Bitwise adviser Jeff Park, and K33's Vetle Lunde have indicated that demand for high-profile public offerings like SpaceX may be contributing to recent weakness in Bitcoin and Ethereum prices.
SpaceX IPO May Reshape Crypto Trading
The upcoming SpaceX initial public offering (IPO) is generating a lot of attention in both traditional financial markets and the crypto industry. Some analysts even suggest it could influence capital flows, investor sentiment, and trading activity in digital asset markets.
SpaceX is reportedly targeting a share price of $135, seeking to raise approximately $75 billion through its public offering. At that valuation, the company would command a market capitalization of roughly $1.77 trillion, making it one of the largest and most anticipated IPOs in recent history.
Some people believe the offering could temporarily draw capital away from cryptocurrencies as investors sell digital assets to gain exposure to SpaceX shares. Spencer Hallarn, Global Head of Over-the-Counter Trading at GSR, said that a large amount of capital will be required to fund the IPO and suggested that crypto could serve as a source of liquidity for many investors.
Similar concerns were raised by other analysts who argue that anticipation surrounding high-profile public offerings may already be contributing to recent weakness in Bitcoin and Ethereum prices.
BTC’s price action over the past month (Source: CoinCodex)
Bitwise adviser Jeff Park also recently suggested that investors may be rotating out of Bitcoin to prepare for opportunities like SpaceX and other highly anticipated technology listings. K33 Head of Research Vetle Lunde also indicated that demand for upcoming IPOs could be placing short-term pressure on Bitcoin as investors reposition their portfolios.
Despite concerns about capital rotation, the SpaceX IPO already created new opportunities in crypto markets. Trading activity linked to SpaceX surged through tokenized stock products and perpetual futures contracts offered by exchanges including Hyperliquid, Binance, OKX, Kraken, and Bybit. According to Talos, SpaceX-linked perpetual futures are currently trading around $155, which is way above the expected IPO price of $135.
Talos reported that SpaceX-related perpetual futures have generated more than $385 million in open interest and approximately $2.7 billion in cumulative trading volume. The firm also pointed out that crypto-native markets are being used for price discovery before major companies officially begin trading on public exchanges.
Demand for tokenized exposure has also been strong. Bitget revealed that subscriptions for its tokenized SpaceX IPO offering through xStocks expanded from an initial allocation of $3 million to $13 million. While the amount is still relatively small compared to SpaceX’s overall valuation, the response certainly proves that there is growing interest in tokenized equities and blockchain-based access to traditional capital markets.
