Bitcoin faces a Wall Street test as AI’s mega-IPO wave targets the same capital
OpenAI has confidentially filed for an IPO, with a possible debut as early as September at a valuation of roughly $852 billion to $1 trillion. This comes amid a huge AI IPO pipeline, including SpaceX and Anthropic, that Goldman Sachs says could help drive a record $160 billion in US IPO proceeds in 2026. The shift matters for Bitcoin because the same institutional capital rotating into AI stocks has coincided with heavy Bitcoin ETF outflows and weaker BTC performance. AI and semiconductor equities have surged while Bitcoin has fallen, suggesting a risk-on rotation away from crypto. If mega-IPOs price successfully and broader markets stay strong, ETF flows could stabilize and support Bitcoin. But if AI valuations reprice lower or rates tighten, the same risk-off shock could hit Bitcoin too.
