Viewpoint: SpaceX IPO may create a large-scale capital siphoning effect, which is unfavorable for tech stocks and Bitcoin in the short term
By: rootdata|2026/05/23 04:45:00
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According to Cointelegraph, SpaceX plans to conduct a $75 billion IPO in June, and if the valuation reaches $1.75 trillion to $2 trillion after going public, it may enter the Nasdaq 100 index within 15 trading days through Nasdaq's "fast track" rule, thereby increasing the index's exposure to Bitcoin.
According to SpaceX's latest S-1 filing, it holds 18,712 BTC, valued at approximately $1.45 billion. If combined with Tesla's 11,509 BTC, the two companies under Musk will become significant holders of Bitcoin in the Nasdaq 100.
Strategy CEO Phong Le stated that with the SpaceX IPO, Mag 7 will become Mag 8, with 25% of the companies' balance sheets holding Bitcoin.
However, analyst Nic Puckrin believes that the SpaceX IPO could be bad news for tech stocks. After being included in the Nasdaq 100, passive funds will need to buy SpaceX and sell existing components like Nvidia, Apple, and Microsoft, which could create a large-scale capital siphoning effect.
Reports indicate that Bitcoin has recently been highly correlated with large tech stocks, with the 30-day correlation between BTC and the Magnificent Seven ETF (MAGS) currently around 0.81. Analysts suggest that if tech stocks face pressure due to index rebalancing, Bitcoin may also face downward risks in the short term.
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