SpaceX holds 8,285 BTC but its IPO might suck $220B out of retail risk money

SpaceX quietly filed a confidential IPO with the SEC back in early April. They're going for $75B at a $1.75T to $2T valuation, most likely going public in June. If it actually happens this would be the biggest IPO ever. More than double Saudi Aramco's $29B record.

But the point is retail allocation is 30%, about $220B, roughly 3x the normal level. Where's that $220B gonna come from? Retail risk money. And a huge chunk of that is just sitting in crypto right now. OpenAI and Anthropic are both lined up right behind them too. All three combined are expected to raise over $240B by end of year. There's no way crypto liquidity doesn't feel that.

Last time something like this happened was the coinbase IPO in 2021. BTC topped out at $64,800 that same day then dropped 50% over the next six weeks. Market is different now with spot ETFs and all that

On the flip side. SpaceX itself holds 8,285 BTC, worth around $600M, stored at Coinbase Prime. They lost almost $5B in 2025 and didn't sell a single coin. This is the first company going public with a BTC position that big. If the stock does well after the IPO it could actually push more public companies to start adding BTC to their balance sheets.

Short term there's definitely gonna be some pressure before June, hard to avoid that. But a $2T company openly holding BTC is a pretty strong signal. I've been watching BTC volume on bydfi and coinbase lately and it keeps climbing, feels like people are already getting positioned for this.

What do you think crypto take a hit before June and bounce back, or can ETF inflows hold it together?