Are crypto markets at risk as SpaceX IPO is 4x oversubscribed?

SpaceX’s planned public offering has attracted more than $250 billion in orders, nearly four times the $75 billion it aims to raise. 

The scale has renewed questions about whether the June 12 listing will pull capital from crypto markets.

The IPO is expected to price Thursday at about $135 per share. Orders can still change before final allocations, but early demand shows how much cash investors are preparing to move.

Crypto shows early signs of a liquidity squeeze

As crypto.news reported, the digital asset market lost about $250 billion during the June selloff, while Bitcoin briefly fell below $62,000. The timing supports claims that some investors are rotating toward major technology listings.

SpaceX is not the only pressure. Geopolitical tension, weaker rate-cut hopes and leveraged liquidations have also weighed on Bitcoin and altcoins. The IPO may add strain without being the sole cause.

“That combined selling is what you are seeing right now,” market commentator Bull Theory said.

The statement remains an interpretation because public data does not show how much crypto was sold specifically to fund SpaceX orders.

SpaceX trading may keep capital tied up

SpaceX plans to sell $75 billion of stock at a valuation near $1.8 trillion. Reuters reported that retail investors may receive up to 30% of the offering, far above normal IPO allocations.

The demand has reached currency markets. South Korean investors reportedly generated about $1.5 billion in dollar purchases linked to the IPO, adding pressure to the won before those orders cleared.

A strong opening could encourage investors who missed allocations to sell other assets and buy SPCX. A weak debut could ease that pressure, though the stock may remain volatile because only a small portion of SpaceX will trade publicly.

Crypto derivatives signal demand and volatility

Binance, Coinbase, Bybit and Bitget launched SpaceX pre-IPO perpetuals, while Kraken offered tokenized IPO access in more than 110 markets. The products give traders exposure before the stock begins trading.

Hyperliquid’s synthetic SpaceX contract climbed above $200 before retreating toward $165. An earlier SpaceX-linked contract also fell 45% within 30 minutes, liquidating about $1.5 million as thin liquidity worsened the move.

These products do not represent SpaceX shares. Their leverage and limited depth can produce prices that differ sharply from the stock after listing.

Nasdaq entry could extend the liquidity contest

Nasdaq’s updated rules let a large new listing qualify for fast entry into the Nasdaq-100. An eligible company is assessed after seven trading days and can normally enter after 15.

Some analysts estimate that inclusion could trigger $22 billion to $27 billion in passive buying. Nasdaq has not confirmed that figure. Its rules also say fast entry does not require removing another company.

Crypto’s main risk is therefore continued competition for speculative capital. Bitcoin ETF flows, stablecoin reserves and SPCX’s opening performance will show whether pressure continues after the debut.