Did SpaceX Crash the U.S. Stock Market? Trillions in Funds Are Moving the Battlefield

There’s an interesting phenomenon: the more explosive the IPO news of SpaceX is, the more the stock market falls instead. Last Friday, the Nasdaq logged its biggest single-day drop in more than a year; this Tuesday it kept sliding again, at one point dropping by 3.7% intraday. Bitcoin also fell by 2.8%, which is a 37% drop from its early-year high.

What’s going on? Could SpaceX be a “killer of the stock market”?

The explanation analysts give is: funds are relocating. SpaceX’s IPO has attracted more than $250 billion in subscription demand. This money can’t appear out of thin air—it can only be pulled from other assets. So everyone starts selling AI stocks, selling Bitcoin, and selling semiconductors, freeing up cash to “get on board” with SpaceX.

Just look at the data and you’ll know: the S&P 500 information technology sector fell 1.8% on Tuesday, extending last Friday’s 5.8% decline. Marvell Technology fell by nearly 8%, and the Philadelphia Semiconductor Index fell by 1.9%. This isn’t a problem with just one sector—rather, the entire tech sector is being “drained.”

One analyst joked that SpaceX became a “liquidity black hole” even before it went public—sucking up all the hot money in the market.

Of course, not everyone buys this. The chief strategist at Interactive Brokers said that the capital diversion caused by SpaceX could indeed create some “psychological pressure,” but it shouldn’t be the main reason behind the market’s decline. He believes tech stocks were already up too much, and a pullback is normal.

No matter what the truth is, one trend is certain: the scale of this IPO is so large that it’s enough to affect the entire market’s capital flow. A $250 billion subscription demand—that’s real money. When this wave of hot money ends the IPO subscriptions and flows back into the market again, what will happen then? It’s worth pondering.
#SpaceX認購規模超2500億美元