Elon Musk's SpaceX is set to storm public markets with a massive IPO, but the move is stirring unease on Wall Street and among crypto investors.
According to reports, SpaceX expects to launch a $75 billion IPO in June, with an estimated valuation between $1.75 trillion and $2 trillion, potentially the largest listing in recent years.
SpaceX Reveals 18,712 BTC Holdings, Surpassing Tesla
In its S-1 registration statement filed with the SEC, SpaceX disclosed holding 18,712 Bitcoin on its balance sheet, valued at approximately $1.45 billion. The figure far exceeds expectations and pushes SpaceX ahead of Tesla (holding 11,509 BTC), making it the largest corporate Bitcoin holder among recent or upcoming public companies.
Vacuum Effect Warning: Passive Funds May Dump Tech Giants
While the Bitcoin stash signals institutional adoption, near-term turbulence looms for U.S. stocks. Under Nasdaq's fast-track inclusion rules, SpaceX could enter the Nasdaq 100 within 15 trading days post-listing, potentially turning the Magnificent Seven into the 'Mag 8'.
Analyst Nic Puckrin warns of a vacuum effect: passive index funds tracking the Nasdaq would be forced to sell existing components (e.g., Nvidia, Apple, Microsoft) to free up billions for SpaceX, creating selling pressure on big tech.
Bitcoin's Dilemma: High Correlation with Tech Stocks, Support Level in Danger
Why would tech stock weakness spill over to Bitcoin? The two now show a strong correlation. Data shows Bitcoin's 30-day rolling correlation with the Mag 7 ETF stands at +0.81. If the SpaceX inclusion triggers a tech selloff, Bitcoin faces significant short-term downside.
Technically, Bitcoin is forming a rising wedge bear flag pattern: near-term support sits at $73,000–$74,000; a breakdown could drive prices toward $56,000; conversely, a successful digestion of the rebalancing pressure could see a rally to $85,000.