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<p>SpaceX’s planned public offering has attracted more than $250 billion in orders, nearly four times the $75 billion it aims to raise.&nbsp;</p>
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   <li>SpaceX has attracted over $250 billion in orders for its planned $75 billion public offering.</li>
   <li>Crypto’s recent selloff offers early evidence of capital rotation, though other market pressures remain active.</li>
   <li>Nasdaq rules could admit SpaceX after 15 trading days, creating another potential demand wave later.</li>
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<p>The scale has renewed questions about whether the June 12 listing will pull capital from crypto markets.</p>
<p>The IPO is expected to price Thursday at about $135 per share. Orders can still change before final allocations, but early demand shows how much cash investors are preparing to move.</p>
<p>You might also like: <a href="https://crypto.news/could-insider-trading-bans-hurt-polymarket-and-kalshi-market-accuracy/" rel="noopener noreferrer nofollow"> Could insider trading bans hurt Polymarket and Kalshi market accuracy? </a></p>
<h2 class="wp-block-heading" id="strong-crypto-shows-early-signs-of-a-liquidity-squeeze-strong"><strong>Crypto shows early signs of a liquidity squeeze</strong></h2>
<p>As crypto.news <a href="https://crypto.news/did-spacex-ipo-fever-trigger-bitcoins-crash/" rel="noopener noreferrer nofollow">reported</a>, the digital asset market lost about $250 billion during the June selloff, while Bitcoin briefly fell below $62,000. The timing supports claims that some investors are rotating toward major technology listings.</p>
<p>SpaceX is not the only pressure. <a href="https://crypto.news/bitcoin-price-tumbles-after-trump-orders-military-response-to-iran/" rel="noopener noreferrer nofollow">Geopolitical tension</a>, weaker rate-cut hopes and leveraged liquidations have also weighed on Bitcoin and altcoins. The IPO may add strain without being the sole cause.</p>
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 <p>“That combined selling is what you are seeing right now,” market commentator Bull Theory said.</p>
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<p>The statement remains an interpretation because public data does not show how much crypto was sold specifically to fund SpaceX orders.</p>
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   <p>$2 TRILLION HAS BEEN WIPED OUT FROM US STOCK MARKET IN LAST 2 HOURS. <br><br>Two possible reasons for this selloff.<br><br>THE FIRST REASON IS SPACEX.<br><br>SpaceX lists on June 12 at a $1.77 trillion valuation, raising $75 billion, the largest IPO in US history. <br><br>SpaceX allocated 30% of shares… <a href="https://t.co/PmeUMBiOax" rel="noopener noreferrer nofollow">https://t.co/PmeUMBiOax</a><a href="https://t.co/CtmauWtpcf" rel="noopener noreferrer nofollow">pic.twitter.com/CtmauWtpcf</a></p>— Bull Theory (@BullTheoryio) <a href="https://x.com/BullTheoryio/status/2064386151407038485?ref_src=twsrc%5Etfw" rel="noopener noreferrer nofollow">June 9, 2026</a>
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<h2 class="wp-block-heading" id="strong-spacex-trading-may-keep-capital-tied-up-strong"><strong>SpaceX trading may keep capital tied up</strong></h2>
<p>SpaceX plans to sell $75 billion of stock at a valuation near $1.8 trillion. Reuters <a href="https://www.reuters.com/world/spacex-ipo-demand-is-approaching-four-times-oversubscribed-source-says-2026-06-09/" rel="noopener noreferrer nofollow">reported</a> that retail investors may receive up to 30% of the offering, far above normal IPO allocations.</p>
<p>The demand has reached currency markets. South Korean investors reportedly generated about $1.5 billion in dollar purchases linked to the IPO, adding pressure to the won before those orders cleared.</p>
<p>A strong opening could encourage investors who missed allocations to sell other assets and buy SPCX. A weak debut could ease that pressure, though the stock may remain volatile because only a small portion of SpaceX will trade publicly.</p>
<h2 class="wp-block-heading" id="strong-crypto-derivatives-signal-demand-and-volatility-strong"><strong>Crypto derivatives signal demand and volatility</strong></h2>
<p>Binance, Coinbase, Bybit and <a href="https://crypto.news/bitget-joins-spacex-pre-ipo-trading-race-with-5x-perps/" rel="noopener noreferrer nofollow">Bitget launched SpaceX pre-IPO perpetuals</a>, while <a href="https://crypto.news/kraken-debuts-spacex-ipo-tokens-in-challenge-to-wall-street/" rel="noopener noreferrer nofollow">Kraken offered tokenized IPO access</a> in more than 110 markets. The products give traders exposure before the stock begins trading.</p>
<p>Hyperliquid’s synthetic SpaceX contract climbed above $200 before retreating toward $165. An earlier SpaceX-linked contract also <a href="https://crypto.news/spacex-pre-ipo-bet-crashes-45-while-hype-holds-near-highs/" rel="noopener noreferrer nofollow">fell 45% within 30 minutes</a>, liquidating about $1.5 million as thin liquidity worsened the move.</p>
<p>These products do not represent SpaceX shares. Their leverage and limited depth can produce prices that differ sharply from the stock after listing.</p>
<h2 class="wp-block-heading" id="strong-nasdaq-entry-could-extend-the-liquidity-contest-strong"><strong>Nasdaq entry could extend the liquidity contest</strong></h2>
<p>Nasdaq’s updated rules let a large new listing qualify for fast entry into the Nasdaq-100. An eligible company is assessed after seven trading days and can normally enter after 15.</p>
<p>Some analysts estimate that inclusion could trigger $22 billion to $27 billion in passive buying. Nasdaq has not confirmed that figure. Its rules also say fast entry does not require removing another company.</p>
<p>Crypto’s main risk is therefore continued competition for speculative capital. Bitcoin ETF flows, stablecoin reserves and SPCX’s opening performance will show whether pressure continues after the debut.</p>
<p>Read more: <a href="https://crypto.news/kalshi-rolls-out-mandatory-employer-disclosures-to-curb-insider-trading/" rel="noopener noreferrer nofollow"> Kalshi rolls out mandatory employer disclosures to curb insider trading </a></p>

Are crypto markets at risk as SpaceX IPO is 4x oversubscribed?

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