On June 12, 2026, SpaceX, trading on the Nasdaq Global Select Market under stock ticker SPCX, officially began trading in a fresh listing. The offer price was set at $135 per share, implying a market cap of approximately $1.77 trillion. The base capital-raising size was as high as $75 billion, and if the underwriters exercised their over-allotment option, it could reach up to $86 billion—setting a new global record for IPO fundraising. Dubbed by the market as a “century IPO” capital feast, this move not only rewrote the scale order of magnitude for technology company listings, but also triggered a chain reaction across global capital markets—crypto markets are currently facing a round of significant capital-rotation pressure.
How the $75 billion IPO funding impacts crypto market liquidity
SpaceX’s base fundraising amount for this IPO is $75 billion, roughly three times the largest IPO fundraising amount previously seen in the U.S. market. Compared with Saudi Aramco’s $29.4 billion fundraising earlier, SpaceX’s scale is more than doubled. With capital of this magnitude being raised, it will inevitably have a structural impact on the short-term allocation of liquidity in global capital markets.
For crypto markets, marginal changes in liquidity are directly tied to the price-discovery mechanism and trading depth. When a large external financing demand enters the market, funds typically move out of existing assets to participate in new-share subscriptions. In this issuance, SpaceX will reserve roughly 30% of the share allocation—about $22.5 billion—for retail investors, far above the industry’s usual retail allocation range of 5% to 10%. This portion of retail capital overlaps heavily with speculative capital in crypto markets, meaning a substantial share of funds that might otherwise have flowed into digital assets are, in the short term, diverted to the primary market.
In addition, institutional participation is also a key channel for liquidity pull-out. The SpaceX IPO received more than four times oversubscription, and the syndicate was led by Goldman Sachs with 21 global investment banks participating—demand far exceeded that of a typical offering. Institutional funds participating in large IPOs must lock positions in advance, which usually comes with underweighting or reducing allocations to other asset classes.
Why Tech Giant IPOs trigger capital rotation in crypto markets
To understand the impact of the SpaceX IPO on crypto markets, the core is to recognize the fact that crypto assets and tech growth stocks share the same pool of institutional and retail allocation budgets. Crypto markets do not operate in isolation; their capital flows compete directly with traditional capital markets.
The capital flowing into large IPOs such as SpaceX, OpenAI, and Anthropic overlaps highly with the ETF inflows that previously drove Bitcoin higher. This means that in a fixed capital pool, the capital-absorbing effect of giant IPOs can weaken the buy-side support for crypto assets.
More importantly, SpaceX is not a one-off case. OpenAI and Anthropic have also already secretly submitted IPO applications. Combined, the three AI frontrunners have valuations totaling approximately $3.59 trillion, and the total fundraising is expected to approach $200 billion. These three companies are moving their IPOs forward within the same quarter, forming a rare “super IPO wave,” and the resulting squeeze on global capital supply is far beyond what a single event can compare to.
From Coinbase to SpaceX: the asset-pricing logic behind the IPO narrative
Crypto markets have not experienced the shock from giant IPOs for the first time. On April 14, 2021, Coinbase listed on Nasdaq via a direct listing, becoming the “first crypto stock.” On its first day, its valuation was about $86 billion. Back then, market sentiment was extremely optimistic, with Bitcoin repeatedly making new all-time highs before listing. However, on the day it listed, after Bitcoin reached its all-time high, it topped and pulled back, followed by a sharp decline.
This historical path reveals a classic pattern of how IPOs affect risk-asset markets: before and around listing, market sentiment is pushed to a temporary peak, but as capital is raised at large scale and insiders take profits, buy-side momentum weakens and the market retraces. Coinbase’s listing is a “positive unification event” for the crypto industry; the listing itself was interpreted by the market as mainstream finance’s formal acceptance of crypto assets. SpaceX, however, is an external tech-gigant IPO, and its impact on crypto markets is closer to the “liquid-funding drawdown” pattern of Alibaba’s 2014 U.S. IPO—giant IPOs attract global capital allocations, which generally puts risk assets under pressure.
How an IPO Access product through Gate reshapes the asset supply side of crypto platforms
Beyond the liquidity-siphon logic of the SpaceX listing, the asset-supply structure on crypto trading platforms is also undergoing a systemic shift. On June 9, 2026, Gate officially launched the “IPO Access” product, with the first batch of underlying assets locked to SpaceX. This product extends the traditional asset-supply scope of crypto platforms for the first time into pre-IPO private equity. Users can submit intention-to-subscribe applications before SpaceX officially lists and participate using USDT, with a minimum subscription amount of only 100 USDT.
Market enthusiasm significantly exceeded expectations. As of the time of writing, Gate’s IPO Access cumulative intention-to-subscribe amount had already surpassed $143 million USDT, with more than 13,000 participants.
In terms of the allocation mechanism, the platform calculates allocation weights based on each user’s hourly average locked-in amount during the intention-to-subscribe period, using the user’s share of their project’s total average intention-to-subscribe amount. This forms a distribution pattern of “the earlier you participate, the longer you lock, the higher the allocation weight.” The shares ultimately allocated will be distributed directly to users’ Gate stock accounts on June 12, with no lock-up period restriction—after listing, they can trade in real U.S. stocks.
Expanding crypto platforms into the pre-IPO asset supply side means that in the allocation budgets of the same batch of users, a channel emerges that directly competes with the traditional primary market. When users allocate USDT to SpaceX’s IPO intention-to-subscribe, that portion of funds exits the crypto asset liquidity pool in the short term. This is the microcosmic mirror of the logic behind “short-term pressure on crypto markets,” now reflected at the exchange-product level.
From a more macro perspective, Gate’s IPO Access first opens up the IPO subscription channel—previously long monopolized by top-tier brokerages and institutions—to a broader group of investors. With this change, crypto trading platforms evolve from being a single aggregator of crypto asset liquidity into a cross-asset allocation hub connecting crypto capital with global primary and semi-primary markets, marking a structural reshaping of the CEX asset supply side.
On-chain data reveals fund-flow signals and market validation
On-chain data provides verifiable evidence for the above logic. In May 2026, crypto currency ETFs saw more than $2 billion in outflows. The CEO of CF Benchmarks noted that some of this capital is flowing into the stock market. This shift in capital flows aligns closely with the SpaceX IPO roadshow and subscription cycle, forming an empirical foundation for capital rotation.
As of June 12, 2026, the price of Bitcoin was approximately $63,500 USD, with a significant pullback from the high at the end of May. The total market capitalization of crypto currencies has shrunk from earlier peak levels. Meanwhile, the global stablecoin total market cap reached $321.6 billion in May 2026, up about 12% from the beginning of the year, but this existing stock of stablecoins has not effectively converted into buying momentum for mainstream assets like Bitcoin; instead, it validates that funds are staying in a wait-and-see posture or flowing out.
Crypto markets’ structural fragility and overlapping external pressure
A prerequisite for understanding the impact of the SpaceX IPO is recognizing the real conditions of the crypto market before the event. By mid-June 2026, the crypto market overall was in a liquidity contraction phase. Bitcoin recently even dipped below 60,000 USD, hitting a phase-level low.
In a time window where the liquidity base was already fragile, the capital-absorbing effect of the giant IPO adds additional pressure. At the same time, the macro environment provides no easing buffer. According to CME’s “Fed Watch” data, the probability that the Federal Reserve will hold rates unchanged through June is 98.2%. The market’s expectations for rate cuts within the year are weak, and the valuation repair for risk assets faces constraints from the cost of capital.
The correlation between Bitcoin and tech stocks is rising, confirming that crypto assets no longer run an independent risk cycle detached from the equity market. This means that if the technology sector sees valuation adjustments after AI giants list, the crypto market is unlikely to remain unaffected.
Beyond short-term pressure: the crypto market’s long-term structural logic
Although super IPOs like SpaceX create short-term liquidity pressure for crypto markets, this event does not change the long-term structural logic of the digital asset industry. The core drivers of crypto markets—expansion of decentralized finance infrastructure, acceleration of real-world asset tokenization, and deepening stablecoins as a global payments network—are still evolving continuously.
Viewed over a longer time horizon, capital rotation caused by giant IPOs is a form of phased capital reallocation, not a fundamental negation of the value proposition of crypto assets. Once the issuance peak in the primary market passes, institutional funds will still return to the long-term perspective of asset allocation. The scarcity of Bitcoin and other mainstream digital assets, their global tradability, and the diversified value they provide as alternative assets in macro investment portfolios remain intact.
In addition, the SpaceX IPO itself offers a reference point worth watching for crypto market narratives: a company focused on space transportation and satellite internet received public-market pricing at a valuation of $1.77 trillion. This suggests that the pricing framework in public markets for technology-driven infrastructure assets has undergone a paradigm shift. Under this new paradigm, crypto infrastructure also has long-term potential for valuation reconfiguration.
FAQ
Q: Will the full $75 billion raised by SpaceX’s listing be pulled out of the crypto market?
A: No. $75 billion is the total fundraising amount. Of this, about $22.5 billion is allocated to retail investors—this portion overlaps significantly with speculative capital in the crypto market and may trigger some degree of capital outflow. However, the funds are not directly “transferred” from the crypto market to SpaceX; more accurately, it reflects priority adjustments in asset allocation by institutions and retail investors.
Q: What is the connection between Gate’s IPO Access and short-term pressure on crypto markets?
A: Gate’s IPO Access gives users a channel to directly participate in SpaceX pre-IPO subscriptions using USDT. Within 24 hours after launch, it surpassed $92 million USDT in subscription amount, and the final total subscription exceeded $140 million. This portion of funds may previously have been allocated to crypto assets; during the subscription period, it exits the liquidity pool, forming a microcosmic manifestation of short-term liquidity pressure in crypto markets. Meanwhile, the product also reflects a structural trend of expanding asset supply on crypto platforms into the traditional primary market.
Q: Is the recent drop in Bitcoin’s price caused by the SpaceX IPO?
A: The IPO’s capital-absorption effect is one of multiple factors, not the only driver. Macroeconomic factors such as the Federal Reserve maintaining high interest rates, leverage build-up earlier in the crypto market, and a broader pullback in risk appetite have also contributed.
Q: As an investor, how should I understand the relationship between the SpaceX IPO and the crypto market?
A: SpaceX’s listing reflects public markets’ pricing capability for technology-driven infrastructure assets, which resonates to some extent with infrastructure-type projects within crypto assets in terms of narrative. But in the short term, there is an objective competitive relationship between the two on the capital side. Investors should view capital rotation’s impact on market liquidity rationally and incorporate it into a broader risk-assessment framework.
