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Bitcoin and the crypto market face a "blood test," SpaceX's $75 billion IPO could drain significant liquidity
BlockBeats News. April 25. According to market analysis, SpaceX plans to launch an IPO in June, aiming to raise $75 billion and reaching a target valuation of $1.75 trillion. If it is carried out smoothly, it will become one of the largest listing events in history.
The report notes that, when combined with the potential IPO plans of OpenAI and Anthropic within the year, the three are expected to absorb more than $240 billion in funding in total in the second half of 2026, with a scale exceeding the combined total of all U.S. venture capital–backed IPOs since 2000.
Analysis suggests that, since crypto assets and technology stocks are both in the “risk-appetite capital pool,” large-scale IPOs may trigger a reallocation of funds and create a liquidity squeeze for Bitcoin and the crypto market. In particular, this IPO is expected to allocate about 30% to retail investors (about $22 billion), or directly divert funds that would otherwise have flowed into BTC and altcoins.
In addition, SpaceX currently holds about 8,285 BTC (about $600 million). Its listing will also become the first super-unicorn IPO case featuring a large amount of Bitcoin holdings.
The market will focus on Bitcoin’s price movement during the roadshow period of 5–6 months: if the price comes under pressure, it may validate that liquidity is being drained; if it continues to strengthen, it would indicate that spot ETF funds have, to a certain extent, “decoupled” from the traditional market.