According to Odaily, analysts believe SpaceX’s upcoming IPO is emerging as a new short-term pressure source for Bitcoin and the broader crypto market. The discussion centers on the company reportedly making as much as 30% of its IPO allocation available to retail investors. Under that arrangement, some investors may sell higher-risk assets, including Bitcoin and Ethereum, in order to free up capital for participation in the high-profile offering.
Retail Allocation and Fundraising Scale Draw Attention
The report states that SpaceX plans to issue shares at $135 each, aiming to raise $75 billion at a valuation of about $1.77 trillion. Because of the scale of the planned fundraising and the size of the valuation, market participants cited in the report view the IPO as a possible near-term factor weighing on crypto assets. A trading head at GSR said crypto assets could become one of the funding sources for some investors seeking capital for the IPO.
The view is not limited to SpaceX alone. Recent opinions cited in the report have argued that SpaceX, as well as future high-profile IPOs involving OpenAI and Anthropic, may lead to funds moving out of the crypto market and put pressure on the prices of Bitcoin and Ethereum. The point being made is about capital allocation: when investors want to join a sought-after equity offering, they may reallocate money from assets they already hold, and crypto assets are among the holdings that can be sold to raise cash.
On-Chain Products Linked to SpaceX Are Also Part of the Discussion
The report also notes another side of the SpaceX listing story: it could help drive growth in related on-chain trading activity. Platforms including Hyperliquid and Binance already offer SpaceX-related perpetual contracts and tokenized stock products. As the IPO moves forward, these instruments tied to SpaceX may continue to attract trader activity, and trading interest in the related assets may increase further alongside the offering.
The SpaceX IPO discussion therefore contains two connected threads. On one side, investors seeking funds to participate in the issuance may sell Bitcoin, Ethereum, and other higher-risk assets, creating short-term pressure on the crypto market. On the other side, SpaceX-linked perpetual contracts and tokenized stock products are already available on certain platforms, giving the IPO a role as a theme for related on-chain trading activity. These points are based on the information disclosed in the report, including the planned $135 share price, the $75 billion fundraising target, the roughly $1.77 trillion valuation, and the reported retail allocation of up to 30%.