SpaceX targets record $75 billion IPO as bitcoin treasury and liquidity risks draw focus

• SpaceX plans to price its initial public offering at $135 a share, which would raise about $75 billion and value the company at roughly $1.75 trillion.
• The listing would bring SpaceX’s 18,712-bitcoin treasury, worth about $1.29 billion as of March 31, into public markets and give shareholders indirect exposure to the cryptocurrency.
• Investors and analysts are watching how the IPO, along with other large tech and AI fundraisings, could divert risk capital from crypto and whether any future combination of SpaceX and Tesla would concentrate one of the largest corporate bitcoin holdings.

SpaceX is planning to set the price of its initial public offering at $135 per share in a deal that would raise a record $75 billion and value the company at $1.75 trillion, the company said in a filing with the U.S. Securities and Exchange Commission.

The aerospace company plans to sell 555.6 million shares as part of the offering, according to the filing. If completed at the proposed size, the IPO would rank among the largest public listings ever and mark a major milestone for Elon Musk's privately held rocket and satellite business.

The offering would also have implications for the crypto market.

SpaceX held 18,712 bitcoin with a fair value of $1.29 billion as of March 31, making it one of the larger known corporate holders of the cryptocurrency. A public listing would bring those holdings into public markets, giving investors indirect exposure to bitcoin through ownership of SpaceX shares.

The company's bitcoin position has drawn increased attention amid reports that Musk has explored combining SpaceX and electric vehicle maker Tesla (TSLA). Tesla already holds one of the largest corporate bitcoin treasuries among publicly traded companies, with over 11,500 BTC.

If Tesla and SpaceX were ultimately merged, Musk could gain control over one of the largest corporate bitcoin holdings in public markets. Neither company, however, has announced a formal merger plan.

The IPO may also test whether crypto can continue to attract capital amid a crowded market for risk assets. SpaceX's planned June listing, combined with anticipated fundraising from AI firms OpenAI and Anthropic, is estimated to attract more than $240 billion by year-end, potentially siphoning liquidity from technology stocks, AI investments and digital assets as both retail and institutional investors reallocate capital.

Because bitcoin and other digital assets often compete for the same risk-on investment dollars as high-growth companies, a surge in demand for shares of SpaceX and other high-profile issuers could weigh on crypto prices in the short term.

• Bitcoin fell below $62,000 in Hong Kong trading, sparking more than $1.5 billion in leveraged crypto liquidations over 24 hours, including over $800 million in bitcoin and $386 million in ether positions.
• The sell-off came amid persistent institutional weakness, with U.S. spot bitcoin ETFs seeing about $1 billion in net...

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