SpaceX IPO demand rattles crypto and tech markets

Elon Musk's SpaceX has reportedly attracted more than $250 billion in investor demand ahead of its initial public offering, making the offering nearly four times oversubscribed and reinforcing expectations for the largest IPO in market history.

According to Reuters, SpaceX is seeking to raise $75 billion at a valuation of approximately $1.8 trillion, with pricing expected later this week as institutional investors continue submitting orders.

The surge in demand has coincided with weakness across both technology stocks and cryptocurrency markets, prompting some analysts to suggest investors are rotating capital into the highly anticipated offering.

“I’m seeing this exactly as the classic pre-mega-IPO liquidity squeeze playing out in real time,”

Said Bitrue Research Institute research lead, Andri Fauzan Adziima.

Adziima argued that the sell-off in crypto and technology stocks reflects a temporary liquidity shift rather than the beginning of a broader bear market, as investors raise cash to participate in the SpaceX offering.

The excitement has also spread into crypto markets, with exchanges including Binance, Coinbase, Kraken and Bybit launching pre-IPO perpetual futures linked to SpaceX shares.

Meanwhile, decentralised trading platform Hyperliquid has recorded significant trading activity in synthetic SpaceX contracts, reflecting strong speculative interest as investors seek exposure to one of the most anticipated public listings in recent years.

At the time of reporting, Hyperliquid price was $55.43.