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The Largest IPO in History Pressures Crypto: Investors Exit Assets for SpaceX
SpaceX’s initial public offering has attracted nearly $250 billion in orders against a target fundraising amount of $75 billion — meaning demand exceeds supply by almost four times. If the deal closes on these terms, it will become the largest IPO in history. The company is valued at $1.8 trillion.
According to Reuters, major institutional investors are placing “significant orders”, and the final result will be known on Thursday, 11 June. At the same time, several analysts directly link the current pressure on markets to preparations for this IPO.
Over the past week, U.S. technology stocks have fallen noticeably, while the cryptocurrency market capitalisation has shrunk by more than $180 billion. According to analysts, the picture is quite understandable: investors are closing positions to free up funds for participation in the IPO.
Andri Fauzan Adziima, lead researcher at Bitrue Research Institute, describes what is happening as typical pre-IPO volatility. Cryptocurrencies are falling the most because this segment is highly sensitive to sentiment and closely tied to growth narratives in the technology sector. The analyst sees the situation as a temporary rotation of capital. Trading in the shares will begin at $135 apiece.
The investment case for SpaceX is largely built around Starlink, the satellite internet service that has already become the company’s main source of revenue and profit. In addition, SpaceX points to a potential $23 trillion market for its artificial intelligence products.
Crypto exchanges quickly picked up the excitement around the IPO. Binance, Coinbase, Kraken and Bybit this month launched perpetual futures ahead of the SpaceX share IPO under the ticker SPCX. Shunyet Jan, head of spot and derivatives trading at Binance, noted that strong demand for these instruments reflects growing user interest in gaining regulated market access to major private companies. In the 18 days since launch, trading volume for these products on Binance exceeded $2.1 billion, while participants came from more than 130 countries.
Demand for the shares and trading volumes on derivatives platforms indicate that interest in SpaceX extends far beyond the traditional stock market. The parallel decline in crypto and the technology sector fits the logic of capital reallocation ahead of one of the most anticipated listings of the decade.
AI Opinion
The historical context offers an interesting reference point: Facebook’s IPO in 2012 was also accompanied by technical failures and pressure on related assets. However, within three months, the shares fell by almost 50% before a multi-year rise began. SpaceX’s $1.8 trillion valuation in the absence of public financial reporting raises a natural question: what logic are investors using to value the company at such a level?
The structure of demand deserves separate attention. A huge number of orders sounds convincing, but institutional orders at this stage are traditionally inflated: investors expect to receive only part of the requested allocation. The real figures may turn out to be significantly more modest than the stated demand, which means that part of the “freed-up” capital may return to the market as early as 12 June. How quickly this capital flows back into crypto and the technology sector is one of the key questions for the coming trading sessions.
See also: "Bitcoin ETFs Are No Bigger Today Than When Trump Won the Election"
