Analyst: SpaceX IPO Nears 4x Oversubscription, Potentially Squeezing Liquidity for Crypto and Tech Stocks

BlockBeats News, June 10, the SpaceX IPO is close to receiving nearly 4 times oversubscription. Some analysts believe that this may be squeezing liquidity out of the market, putting pressure on tech stocks and the crypto market. The SpaceX IPO has attracted over $250 billion in investor demand, far exceeding its planned fundraising of $75 billion. This IPO corresponds to a company valuation of about $1.8 trillion, and if completed, it will be the largest public offering in history. The pricing is expected to take place on Thursday, but the demand data may still change before that.

The Director of Research at the Bitrue Research Institute, Andri Fauzan Adziima, stated that the current decline in crypto and tech stocks is not a random fluctuation but the result of the record-breaking SpaceX IPO's "IPO tax." He believes that as the SpaceX IPO pricing nears, risk asset liquidity is being drained, with the crypto market being the most affected since it is more retail-driven and is associated with the growth stock and tech narrative. This is not the beginning of a broader bear market but a "temporary rotation."

Cryptocurrency exchanges such as Binance and Coinbase have launched perpetual contracts for SPCX before its listing this month. In addition, in the past 24 hours, the trading volume of SpaceX perpetual contracts on Hyperliquid has reached $70 million, with the current price at $157, lower than the listing price of $210. There are outstanding contracts exceeding $115 million on Hyperliquid for this product, corresponding to a predicted SpaceX valuation of about $1.97 trillion.