Bitcoin and the crypto market face a "stress test," with SpaceX's $75 billion IPO potentially draining significant liquidity

BlockBeats News, April 25th. According to market analysis, SpaceX is planning to launch an IPO in June, aiming to raise $750 billion with a target valuation of $1.75 trillion. If successful, it will become one of the largest IPO events in history.

The report points out that combined with OpenAI and Anthropic's potential IPO plans later this year, the three are expected to attract over $240 billion in funding in the second half of 2026, surpassing the total of all U.S. venture capital-backed IPOs since 2000.

Analysis believes that as both cryptocurrency assets and tech stocks are in the "risk appetite fund pool," a large-scale IPO may trigger fund reallocation, causing liquidity squeeze in Bitcoin and the crypto market. Particularly, this IPO is expected to allocate about 30% to retail investors (around $22 billion), potentially diverting funds that were originally flowing into BTC and altcoins.

In addition, SpaceX currently holds about 8,285 BTC (approximately $600 million), and its IPO will also be the first case of a super unicorn holding a significant amount of Bitcoin going public.

The market will closely monitor the trend of Bitcoin during the roadshow period in May and June: if the price is under pressure, it may indicate liquidity being withdrawn; if it continues to strengthen, it implies that spot ETF funds have to some extent achieved a "decoupling" from the traditional market.