SpaceX’s long-awaited public debut has sent shockwaves through global markets, with investors rapidly rotating capital out of digital assets and into the high-profile listing.
The company began trading on Friday on the NASDAQ under the ticker SPCX, pricing shares at $135.The IPO involved roughly 555.6 million shares, raising about $75 billion, more than double the record set by Saudi Aramco’s 2019 listing.
Early trading briefly pushed SpaceX’s valuation to around $2.1 trillion, making it one of the most valuable public companies on its debut.
Investor appetite for the offering was extraordinary. Demand reportedly surpassed $250 billion, reflecting strong investor enthusiasm for Musk’s latest milestone. The listing has also pushed Musk’s personal net worth close to $982 billion, placing him near the threshold of becoming the world’s first trillionaire.
However, behind the headlines, analysts point to a growing liquidity shift away from crypto assets. According to data from Santiment Intelligence, social and trading conversations have increasingly centered around equities linked to Binance’s new stock-related products and the SpaceX IPO itself.
The analytics platform highlighted that Binance’s introduction of pre-IPO perpetual contracts has intensified retail speculation around early exposure to high-profile listings.
“As traders discuss pre-IPO exposure, Binance-related conversations about stocks, IPO’s, and equities are rising.” The firm noted. “Retail appears to view these products as a rare opportunity to position themselves ahead of one of the most closely watched market events in recent years.”
Furthermore, the firm noted that discussions around IPOs, equities, and stock-related crypto products have expanded sharply, suggesting a noticeable shift in trader attention away from traditional digital assets.
Meanwhile, the rotation is tightening crypto liquidity as investors move into SpaceX shares. Bitcoin and other major digital assets have reportedly seen weaker inflows, with BTC already down around 37% from its January highs, amid broader risk rotation into equities and IPO-related speculation.
Arthur Hayes, co-founder and former CEO of BitMEX, has also warned that mega-IPOs like SpaceX could accelerate capital outflows from Bitcoin, especially as artificial intelligence-linked assets continue to absorb a large share of global liquidity.
“Bitcoin isn’t an AI story, at least not yet. And therefore, investors have sort of shunned it.” He said, speaking on the All-In Crypto Podcast.
He added that liquidity has been heavily concentrated in AI-driven equities, leaving crypto markets sidelined. Hayes further argued that the current market structure is being shaped by a broader rotation into AI and mega-listings.
“I think a gangbuster SpaceX IPO clearly demonstrates the only thing you should be trading is AI,” he said, noting that both retail and institutional investors have been chasing AI-linked momentum while overlooking Bitcoin.
Notably, SpaceX itself holds 18,712 BTC on its corporate balance sheet, acquired for roughly $661 million and now valued at approximately $1.29 billion as of March 31, 2026. The position highlights the company’s exposure to Bitcoin while also raising questions about potential future liquidity decisions.
In the first quarter, SpaceX reported revenue growth of 15% to $4.69 billion, driven largely by expansion in its Starlink satellite internet business. However, the company also posted a net loss of $4.28 billion, reflecting the heavy capital requirements of its space infrastructure and emerging technology investments, including its artificial intelligence initiatives.
That said, analysts warn the IPO surge could come at the expense of crypto liquidity. If capital continues to rotate into SpaceX, digital assets may face sustained short-term pressure.
