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06/06/2026

SpaceX IPO Oversubscribed, No Evidence of Retail Crypto Exodus

What happened: SpaceX is set to price its IPO on June 11, 2026, targeting a record $75B raise at a $1.

SpaceX IPO Oversubscribed, No Evidence of Retail Crypto Exodus

What happened: SpaceX is set to price its IPO on June 11, 2026, targeting a record $75B raise at a $1.8T valuation—surpassing the previous largest IPO by more than 2.5x. Up to 30% of shares are being allocated to retail investors via Robinhood, Fidelity, and Charles Schwab, with the offering already oversubscribed. Despite speculation that retail traders are selling crypto to buy into the IPO, on-chain and stablecoin flows show no clear exodus from crypto into cash. Spot BTC and ETH ETFs did see $4.4B in multi-session redemptions before modest inflows resumed, but exchange-specific retail data will not be available until July. Kraken launched a tokenized SPCXx product for global markets (excluding US/UK/CA/AU) on June 5, enabling 24/7 trading ahead of the Nasdaq listing.

Why it matters: The SpaceX IPO is the largest in history, with a structure that heavily involves retail participation. While some veteran investors blame the IPO pipeline (including Anthropic) for recent crypto weakness, there is no data-backed evidence of a retail-driven crypto selloff. The narrative remains contested until Robinhood and Coinbase release their June/July volume disclosures. Notably, SpaceX itself holds 18,712 BTC (~$1.29B as of March 2026), making it one of the largest corporate Bitcoin treasuries.

Source: CoinDesk