Odaily reported that analysts believe SpaceX’s upcoming IPO may become a new source of short-term pressure for Bitcoin and the wider crypto market. The reason is tied to the structure of the offering: the company is reportedly preparing to open as much as 30% of its IPO allocation to retail investors. In that setting, some investors may sell higher-risk assets, including Bitcoin and Ether, in order to free up capital to participate in what is being described as a popular issuance.
Offering Size and Valuation Put Crypto Liquidity in Focus
According to the report, SpaceX plans to issue shares at $135 each, with a fundraising target of $75 billion and an estimated valuation of about $1.77 trillion. Those figures have placed the IPO in direct discussion with crypto market liquidity, particularly because investors seeking cash for an allocation may look first to assets that are liquid and risk-oriented.
The head of trading at GSR said crypto assets may become one of the sources some investors use to raise funds for the IPO. This view connects the expected SpaceX listing with potential selling pressure on Bitcoin and Ether, as both assets are among the most widely held and actively traded high-risk instruments in the digital asset market.
Recent commentary has also suggested that SpaceX, along with future potential high-profile IPOs from OpenAI and Anthropic, may encourage funds to move out of the crypto market. Under that line of thinking, Bitcoin and Ether prices could come under pressure if investors rebalance holdings to prepare for large technology-company offerings.
SpaceX-Linked Trading Products Are Already Active
The report also noted that a SpaceX listing may have the opposite effect in another part of the market by encouraging 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 process moves forward, trading interest in those related assets may rise further.
Overall, the report presents two parallel effects for crypto markets. On one side, investors seeking funds for the SpaceX IPO may sell Bitcoin, Ether, and other higher-risk assets, creating short-term pressure. On the other side, SpaceX-linked perpetual contracts and tokenized stock products already exist on major platforms, and their activity may increase as attention around the IPO continues.