SpaceX plans to proceed with an initial public offering (IPO) valued at approximately $75 billion. If successful, this would be one of the largest IPOs in history. Beyond its space business, the market is also focusing on its Bitcoin holdings and the impact of such a massive funding round on the flow of funds in the technology and crypto markets.
Bitcoin holdings entering the open market
As of March 31, SpaceX held 18,712 bitcoins, with a fair value of approximately $1.29 billion. If the company goes public, these assets will enter the public market, and investors will indirectly gain exposure to bitcoin prices by holding SpaceX stock.
Among known corporate holders of Bitcoin, SpaceX is already among the largest. After going public, these assets will no longer be merely a private company's accounting item, but will become part of the financial data continuously tracked by the public market.
- SpaceX holds 18,712 bitcoins.
- As of March 31, the fair value was approximately US$1.29 billion.
- Tesla holds more than 11,500 Bitcoins.
Tesla rumors bring new attention
The market is paying particular attention because Tesla, another publicly traded company under Musk's umbrella, also holds a significant amount of Bitcoin. The report mentions that there has been renewed interest in whether Musk is considering integrating SpaceX with Tesla.
If the two companies do merge in the future, the combined entity will control the largest corporate Bitcoin holdings in the public market. However, neither company has officially announced a merger plan yet, and related discussions remain at the level of market speculation.
Large-scale financing tests market liquidity
Another impact of this IPO is on liquidity. The market is assessing whether crypto assets can continue to attract venture capital amid a wave of funding rounds for large tech companies and AI firms.
The report predicts that if subsequent funding rounds for AI companies like OpenAI and Anthropic are added, the total amount raised in these large-scale fundraisings could exceed $240 billion by the end of this year. If retail and institutional investors reallocate their funds, technology stocks, AI investments, and digital assets could all face liquidity outflows.
For the crypto market, this doesn't directly change the supply and demand structure of Bitcoin, but it will affect the marginal flow of funds. Especially during periods of heightened risk appetite, mega-IPOs often become an important window for observing fund rotation.
