SpaceX IPO nears 4 times oversubscribed, squeezing crypto and tech
SpaceX’s planned IPO is reportedly oversubscribed by nearly 4x, with investor demand above $250 billion for the $75 billion raise, implying a $1.8 trillion valuation. Bankers say large long-only funds placed sizable orders, and pricing is expected Thursday, though demand may still change. The deal is arriving amid sharp market volatility: US tech stocks have fallen and crypto has shed over $180 billion in the past week. Some analysts argue the selloff reflects a temporary liquidity squeeze as investors raise cash for the IPO, rather than a broader bear market. IPO hype has also driven trading in pre-IPO synthetic products. Binance, Coinbase, Kraken, Bybit, and Hyperliquid have launched SpaceX perpetual futures, with Binance reporting $2.1 billion in volume in 18 days and Hyperliquid seeing strong open interest and heavy trading.
