Bitcoin ETF · Goldman Sachs · Anthropic · OpenAI · Nvidia · SpaceX · CryptoSlate
Bitcoin runs into a Wall Street test as AI’s mega-IPO wave targets the same capital
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OpenAI filed a confidential S-1 with the SEC, targeting a public debut as early as September at a valuation between $852 billion and $1 trillion.
Key facts
- OpenAI filed a confidential S-1 with the SEC, targeting a public debut as early as September at a valuation between $852 billion and $1 trillion
- US-traded spot Bitcoin ETFs lost over $1.7 billion in the first week of June, adding to a prior $4.4 billion exit during a 13-consecutive-session run
- There is an estimated $8 trillion sitting in US money market funds, and SpaceX's $75 billion raise represents roughly 1% of that pool
- OpenAI is burning $1.22 for every $1 of revenue and still targeting a $1 trillion valuation, which means the IPO wave is itself a speculative bet on a product, 50 million consumer subscribers
Summary
01 OpenAI filed a confidential S-1, aiming for a September debut at up to a $1 trillion valuation. 02 Goldman Sachs sees a possible $160 billion US IPO year in 2026, with SpaceX and Anthropic joining the pipeline. 03 That could restore Bitcoin's high-beta role, but only if ETF flows turn positive instead of continuing to leak capital. The filing arrived inside a broader wave that Goldman Sachs says could produce a record $160 billion in US IPO proceeds in 2026, with SpaceX targeting a $75 billion raise at a $1.75 trillion valuation and Anthropic confidentially filing after a $965 billion late-May funding round.