SpaceX Goes Public Tomorrow! A $75 Billion Super IPO Is Draining the Last Liquidity from the Crypto Market

Tomorrow (June 12), SpaceX will list on NASDAQ under the stock ticker SPCX. As the largest IPO in global history, this round will raise $75 billion, with an estimated valuation of about $1.77 trillion—nearly 4 times oversubscribed—and the total subscription amount has surpassed $250 billion.
This massive IPO is draining liquidity from the crypto market.
In this IPO, 30% of the shares are allocated to retail investors—three times the proportion of typical large IPOs. Fidelity has even lowered the minimum for retail investors to participate in the IPO to $2,000. GSR executives said that many investors are choosing to sell their crypto assets to raise funds for the IPO.
Data also confirms this trend: as of June 3, the US spot Bitcoin ETF has seen net outflows for 13 consecutive days, with cumulative redemptions totaling $4.4 billion. The Ethereum spot ETF has experienced capital outflows for 17 consecutive days, and the timeline overlaps precisely with SpaceX’s roadshow schedule.
There are blind spots in on-chain data. Activities such as users selling coins on platforms like Robinhood and Coinbase to participate in IPOs cannot be monitored on-chain. On June 6, 66,470 BTC and 2.49 million ETH were transferred out of exchanges. Some funds are accumulating on dips, while others are cashing out to participate in the IPO.
This listing will also trigger a chain reaction. Under NASDAQ rules, companies ranked in the top 40 by market value can be quickly added to the NASDAQ 100 just 15 days after listing, and passive funds’ rebalancing will further divert capital. In the following period, AI companies such as OpenAI and Anthropic will also go public one after another, and a dense wave of IPOs will keep siphoning capital away from the crypto market.
Tomorrow night, SpaceX will officially start trading on the market, and short-term market liquidity will further tighten. But this is only a phase of capital rotation—not the start of a bear market. Once the IPO frenzy fades, capital will most likely flow back into the crypto market.
At this stage, the recommendation is to watch more and act less—don’t make blind moves when liquidity is scarce.
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