SpaceX is about to become the biggest IPO the world has ever seen, and the demand is so intense it’s starting to pull liquidity out of crypto markets.

The company is targeting a $75 billion raise at $135 per share, which would value Elon Musk’s rocket venture somewhere between $1.75 trillion and $1.8 trillion. Demand for those shares has reportedly ballooned to as high as $250 billion, making the offering nearly four times oversubscribed.

The numbers behind the frenzy

Some estimates, citing Reuters and Bloomberg, peg confirmed demand closer to $150 billion, which still represents a twofold oversubscription. The higher $250 billion figure comes from additional reporting channels, and while less verified, it signals the sheer gravitational pull this listing has on global capital.

The company is currently conducting its roadshow, with pricing expected around June 11 and trading set to begin June 12, 2026.

SpaceX is allocating 30% of its shares to retail investors. Traditional IPOs typically reserve about 10% for non-institutional buyers. Platforms like Robinhood, Fidelity, and Charles Schwab are serving as the on-ramps for everyday investors.

Bitcoin holders are selling to buy SpaceX

Reports indicate that retail traders are liquidating Bitcoin positions specifically to free up capital for SpaceX shares. SpaceX itself holds approximately $1.29 billion in Bitcoin on its corporate treasury, meaning the company’s balance sheet is partially denominated in the same asset its future shareholders are selling.

Context: Musk’s empire consolidation

SpaceX completed its acquisition of xAI in February 2026, folding Musk’s artificial intelligence venture into the space company ahead of the public listing. The combined entity represents a bet on Musk’s ability to dominate multiple frontier technology sectors simultaneously.

What this means for crypto investors

The immediate risk is liquidity rotation. The 30% retail allocation amplifies this effect. Institutional investors typically participate in IPOs with dedicated capital that doesn’t compete with their crypto holdings. Retail investors, on the other hand, often operate from a single pool of risk capital.

The trading dynamics around June 11 and 12 will be worth watching closely. Bitcoin’s price action in the days surrounding the IPO pricing and first trade could serve as a real-time gauge of how much retail capital is actually flowing out of crypto and into traditional equities.