SpaceX's $75B IPO pulls capital from crypto as BTC drops 37% from highs. Binance pre-IPO perpetuals fuel retail rotation. Arthur Hayes warns AI stocks are crowding out Bitcoin.
Alpha Score of 30 reflects poor overall profile with poor momentum, poor value, moderate quality. Based on 3 of 4 signals – score is capped at 90 until remaining data ingests.
SpaceX began trading 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 demand reportedly surpassed $250 billion. The listing has also pushed Elon Musk's personal net worth close to $982 billion, placing him near the threshold of becoming the world's first trillionaire.
Behind the headlines, a liquidity shift away from crypto assets is taking shape. Data from Santiment Intelligence shows social and trading conversations increasingly centered on equities linked to Binance's new stock-related products and the SpaceX IPO itself. 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, IPOs, 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."
The rotation is tightening crypto liquidity as investors move into SpaceX shares. Bitcoin and other major digital assets have seen weaker inflows. BTC is 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, 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. "I think a gangbuster SpaceX IPO clearly demonstrates the only thing you should be trading is AI," Hayes said, noting that both retail and institutional investors have been chasing AI-linked momentum while overlooking Bitcoin.
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 raises 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. 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.
If capital continues to rotate into SpaceX, digital assets may face sustained short-term pressure. The next scheduled catalyst for crypto markets is the Federal Reserve's rate decision on May 7, which could either stem or accelerate the outflow depending on the tone on liquidity.
Prepared with AlphaScala research tooling and grounded in primary market data: live prices, fundamentals, SEC filings, hedge-fund holdings, and insider activity. Each story is checked against AlphaScala publishing rules before release. Educational coverage, not personalized advice.