Elon Musk's SpaceX IPO: The Bull and Bear Case for Bitcoin

Crypto Insight Summary: Image: Decrypt/Shutterstock]( Elon Musk's SpaceX IPO: The Bull and Bear Case for Bitcoin * * * By Edited by Jun 12, 2026 Jun 12, 2026 4 min read SpaceX. Image: Decrypt/Shutterstock Create an account to save your articles. Add Decrypt as your preferred source to see more of our stories on Google. * Pre-IPO perpetuals on Hyperliquid have amassed $240 million in open interest, rivaling Solana perps despite offering only 5x leverage. * A first-day pop above 25-30% in SpaceX’s SPCX could trigger a wealth effect rotation into crypto, but the real signal will be whether the stock holds its valuation weeks later, Decrypt was told. The for the largest IPO in U.S. SpaceX is raising $75 billion by offering 555 million shares at $135 apiece, according to an , valuing the company at $1.77 trillion. While crypto ETF outflows have accelerated in recent weeks, he argued that ETFs are unlikely to be the primary transmission channel, since most holders will receive SpaceX exposure through their broad-market index allocations within days of the stock’s expected addition to the Nasdaq 100. Crypto Insight Analysis: Direction: Neutral Impact: Minor Impact Horizon: Short-term (1-3 days) Reasoning: SpaceX IPO may cause temporary market rotation but unlikely to significantly impact crypto fundamentals.