Svmuu reports that SpaceX confidentially submitted its S-1 filing to the U.S. SEC earlier this month, planning an IPO at a valuation of approximately $1.75 trillion, with a fundraising target of up to $75 billion. If it goes public in June as expected, it would surpass Saudi Aramco's 2019 record of $29 billion raised, becoming the largest IPO in history. Meanwhile, OpenAI and Anthropic are also planning to go public in the second half of this year, with the three companies expected to attract a combined total of over $240 billion in capital.
Market analysts believe these mega-IPOs could significantly drain liquidity from risk assets, and the crypto market shares the same capital pool. As major crypto assets like Bitcoin and Ethereum have shown high correlation with Nasdaq and U.S. equity risk appetite in recent years, a massive shift of funds toward 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)