JPMorgan

Tesla

Elon Musk

Elon Musk's rocket and satellite company SpaceX is planning a $75 billion IPO in June, which could make it the largest near-term public listing with a major Bitcoin treasury.
Key takeaways:
<ul>
 <li>A Nasdaq 100 fast entry could expand Bitcoin exposure among the top mega-cap stocks, including Tesla.</li>
 <li>The IPO may pressure tech stocks as passive funds sell existing Nasdaq names to buy SpaceX, which may prove bearish for Bitcoin.</li>
</ul>
<h2 id="spacex-ipo-set-to-increase-nasdaq-s-exposure-to-bitcoin">SpaceX IPO set to increase Nasdaq's exposure to Bitcoin</h2>
SpaceX disclosed 18,712 BTC in its <a href="https://www.sec.gov/Archives/edgar/data/1181412/000162828026036936/spaceexplorationtechnologi.htm" rel="noopener noreferrer nofollow">recent S-1 filing</a>, worth roughly $1.45 billion, making it the largest known Bitcoin holder among companies preparing for, or recently filing for, a public listing.<img alt="Space X IPO: 'Bad news' for tech stocks but what about Bitcoin?" height="1562" src="https://s3-images.ctmedia.io/media/content/hi047scbuaatica.jpeg" width="1482">
Source: SpaceX's S1 Filing
Under Nasdaq’s newer "<a href="https://indexes.nasdaqomx.com/docs/2026_May_NDX_Changes_FAQ.pdf" rel="noopener noreferrer nofollow">fast entry</a>" rules, mega-cap IPOs can enter the Nasdaq 100 within 15 trading days, meaning SpaceX could quickly become one of the index’s largest constituents if its valuation lands near the $1.75 trillion–$2 trillion range after the $75 billion IPO.
As a result, Bitcoin exposure inside the Nasdaq 100 may expand beyond Tesla.
The electric carmaker already <a href="https://www.sec.gov/Archives/edgar/data/1318605/000162828026026673/tsla-20260331.htm" rel="noopener noreferrer nofollow">holds</a> 11,509 BTC on its balance sheet. SpaceX, with 18,712 BTC, would give the Nasdaq 100 a second Elon Musk-linked mega-cap company with direct Bitcoin exposure.
"With the SpaceX IPO, the Mag 7 will become the Mag 8," <a href="https://x.com/phongle/status/2057484118129099140" rel="noopener noreferrer nofollow">said</a> Phong Le, CEO of Strategy, while referring to the elite group of mega-cap tech stocks, namely Apple, Microsoft, Nvidia, Amazon, Alphabet, Meta and Tesla.
He added:
<blockquote>
 "25% of the Mag 8 will have Bitcoin on their balance sheet."
</blockquote>
<h2 id="bitcoin-still-faces-downside-risks">Bitcoin still faces downside risks</h2>
SpaceX IPO may be "bad news for tech stocks," according to analyst Nic Puckrin.
"If it's added to the Nasdaq 100 in a 'fast entry', passive funds have to buy it &amp; sell other stock," Puckrin said in a Friday post, adding:
<blockquote>
 "The higher SpaceX goes, the more they buy of it and sell of others. It's going to act like a massive capital vacuum."
</blockquote>
Puckrin based his outlook on JPMorgan estimates showing that Nvidia could face more than $20 billion in passive outflows if SpaceX enters the Nasdaq 100.<img alt="Space X IPO: 'Bad news' for tech stocks but what about Bitcoin?" height="659" src="https://s3-images.ctmedia.io/media/content/hi3l70kamaaxjtm.jpeg" width="913">
JPMorgan projections for rebalancing outflows from passive investors. Source: Financial Times/Nic Puckrin
Apple could face roughly $16 billion in estimated passive outflows, with Microsoft, Amazon, Alphabet, Broadcom, Meta and Tesla also likely to serve as funding sources for the SpaceX rebalance.
Bitcoin has traded closely with mega-cap tech for most of 2026.
As of Friday, BTC’s 30-day rolling correlation with the Roundhill Magnificent Seven ETF (MAGS), which tracks the Mag 7 stocks, stood near +0.81.<img alt="Space X IPO: 'Bad news' for tech stocks but what about Bitcoin?" height="1674" src="https://s3-images.ctmedia.io/media/content/mags2026-05-2215-43-16.png" width="2770">
BTC/USD vs. MAGS correlation coefficient. Source: <a href="https://www.tradingview.com/symbols/BTCUSD/?exchange=CRYPTO" rel="noopener noreferrer nofollow">TradingView</a>
For traders, that means BTC has recently moved in the same direction as major <a href="https://cointelegraph.com/news/tech-stocks-push-nasdaq-sp500-record-highs-as-bitcoin-taps-75k" rel="noopener noreferrer nofollow">tech stocks</a> more often than not.
So, if the SpaceX rebalance pressures <a href="https://cointelegraph.com/markets/bitcoin-sees-fresh-us-sell-off-as-markets-await-nvidia-biggest-earnings-event" rel="noopener noreferrer nofollow">Nvidia</a>, Apple, Tesla and other large tech names, Bitcoin may also face short-term downside risk as investors reduce exposure to the broader risk-on trade.
<h2 id="how-low-can-btc-price-go">How low can BTC price go?</h2>
On-chain metrics show Bitcoin's apparent demand has dropped to its lowest in four months, which <a href="https://cointelegraph.com/markets/bitcoins-less-aggressive-demand-may-lead-to-months-of-consolidation-analysis" rel="noopener noreferrer nofollow">may lead to months of consolidation</a>.
That weak demand backdrop also lines up with BTC’s current technical structure. Since February, Bitcoin has been moving inside an <a href="https://cointelegraph.com/markets/bitcoin-coinbase-premium-threatens-bear-flag-repeat-with-btc-price-at-76k" rel="noopener noreferrer nofollow">upward-sloping bear flag</a>, a pattern that often forms during a pause in a broader downtrend.
For now, BTC’s immediate downside target sits around the $73,000–$74,000 range, near the flag’s lower trendline. A rebound from that area could send the price back toward the flag’s upper boundary near $85,000.<img alt="Space X IPO: 'Bad news' for tech stocks but what about Bitcoin?" height="1674" src="https://s3-images.ctmedia.io/media/content/btcusd2026-05-2215-55-22.png" width="2770">
BTC/USD daily chart. Source: TradingView
Related: <a href="https://cointelegraph.com/markets/bitcoin-liquidity-imbalance-eyes-a-sharp-rally-to-80k-next-heres-why" rel="noopener noreferrer nofollow">Bitcoin liquidity balance hints at developing rally toward $80K</a>
The flag setup could open the door to a deeper decline toward $56,000, based on the pattern’s measured move, if BTC closes decisively under the lower trend line.

Space X IPO: 'Bad news' for tech stocks but what about Bitcoin?

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