SpaceX, OpenAI, and Anthropic IPOs Could Drain Liquidity from BTC and the Crypto Market

SpaceX has secretly filed an S-1 with the U.S. SEC earlier this month, planning an IPO at a valuation of approximately $1.75 trillion. The fundraising scale is as high as $75 billion. If it goes public as expected in June, it will surpass Saudi Aramco's 2019 record of $29 billion, making it the largest IPO in history. Meanwhile, OpenAI and Anthropic also plan to go public in the second half of this year. The three companies are expected to collectively attract over $240 billion in funds.

Market analysts believe these mega IPOs could significantly drain liquidity from risk assets, with the crypto market sharing the same capital pool. As major crypto assets like Bitcoin and Ethereum have become highly correlated with Nasdaq and U.S. stock risk appetite in recent years, a massive capital shift towards subscribing to these tech giant IPOs could weaken buying support for BTC, ETH, and altcoins. Analysts point out that Coinbase's listing day in 2021 coincided with a local top for Bitcoin, and SpaceX's IPO could once again mark a major liquidity turning point for the crypto market. (CoinDesk)