Anthropic · SpaceX · Elon Musk · Bitcoin · Ethereum · The Block
Elon Musk’s SpaceX IPO could become bitcoin’s latest headwind
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When SpaceX's initial public offering launches on Thursday, it may have an outsized impact on crypto, potentially triggering an initial rotation out of digital assets before bolstering trading volumes of tokenized shares and SpaceX-linked perpetual futures offered by exchanges such as Hyperliquid, Binance and others.
Key facts
- SpaceX said its targeting a $135 price for its IPO shares to raise $75 billion, giving it an anticipated $1.77 trillion market cap
- The company said SpaceX perpetuals are trading at about $155, above the $135 IPO price
- Crypto is a funding currency for a lot of this," GSR's Global Head of Over-the-Counter Trading Spencer Hallarn told Reuters
- Crypto-native markets are enabling around-the-clock trading and transparent valuation signals ahead of major public listings," Talos VP of International Markets Samar Sen said
Summary
With SpaceX reportedly setting aside up to 30% of IPO shares for retail investors, some have argued that the offering could prompt investors to exit riskier assets, including crypto, to buy shares in the high-profile company run by Elon Musk, who remains a popular figure among many retail investors who hold Bitcoin and Ethereum. "Crypto is a funding currency for a lot of this," GSR's Global Head of Over-the-Counter Trading Spencer Hallarn told Reuters. SpaceX said its targeting a $135 price for its IPO shares to raise $75 billion, giving it an anticipated $1.77 trillion market cap.