Bitcoin and Crypto Market Face 'Blood Test', SpaceX's $75 Billion IPO May Withdraw Significant Liquidity

On April 25, market analysis indicated that SpaceX plans to launch its IPO in June, aiming to raise $75 billion with a target valuation of $1.75 trillion. If successful, it will become one of the largest IPOs in history. The report noted that alongside potential IPO plans from OpenAI and Anthropic within the year, the three are expected to collectively attract over $240 billion in funding by the second half of 2026, surpassing the total of all U.S. venture-backed IPOs since 2000. Analysts believe that since crypto assets and tech stocks share a ‘risk appetite funding pool’, a large-scale IPO could trigger a reallocation of funds, leading to liquidity pressure on Bitcoin and the crypto market. Notably, this IPO is expected to allocate about 30% to retail investors (approximately $22 billion), which may directly divert funds that would have flowed into BTC and altcoins. Additionally, SpaceX currently holds around 8,285 BTC (approximately $600 million), making its IPO the first case of a super unicorn with substantial Bitcoin holdings. The market will closely monitor Bitcoin’s performance during the roadshow in May and June: if prices come under pressure, it may confirm liquidity withdrawal; if they continue to strengthen, it could indicate that spot ETF funds have somewhat decoupled from the traditional market.