Super IPOs Are Here: $240 Billion in Funds May Reshape Crypto Market Liquidity

The latest reports show that SpaceX secretly filed an S-1 with the U.S. SEC at the beginning of this month, planning to move forward with a listing at an estimated valuation of about $1.75 trillion. The company also intends to raise up to $75 billion, and if the deal is completed in June, it could set a new global record for IPO financing.

At the same time, OpenAI and Anthropic also plan to advance their listing process in the second half of this year. Together, the three companies could attract more than $240 billion in funding.

Market participants generally believe that these mega IPOs could create a temporary “liquidity-drain effect” on global risk assets. Because mainstream crypto assets such as Bitcoin and Ethereum have long been highly linked with risk appetite in the Nasdaq and U.S. stocks, when large amounts of capital flow into the primary market to subscribe for shares of tech giants, the crypto market’s marginal buying power may be weakened in the short term.

Looking back at history, on the day Coinbase went public in 2021, Bitcoin formed a temporary top structure. As a result, the market is also watching whether this round of mega IPOs could become a new liquidity turning point.

In capital markets, capital is always looking for a “higher-efficiency exit.”
What truly matters is not predicting every fluctuation, but understanding where the money is flowing.
When the tide turns, those who can see the direction ahead of time are more likely to stay ahead of the cycle.