For crypto, SpaceX's stock market debut could go either way

Crypto Daybook AmericasFor crypto, SpaceX's stock market debut could go either wayYour day-ahead look for June 12, 2026By Shaurya Malwa, Omkar Godbole|Edited by Sheldon Reback Jun 12, 2026, 11:23 a.m. 3 min readMake preferred on ShareShare this articleCopy linkX iconX (Twitter)LinkedInFacebookEmailMake preferred on SummaryShowThis is an excerpt from CoinDesk newsletter 'Daybook.' Sign up here, if you haven't already.The months of waiting have ended, and SpaceX is set to begin trading on Nasdaq today after investors pumped $75 billion into the largest IPO in history. What happens next could ripple across financial markets, including crypto.One theory making the rounds is that recent outflows of over $5 billion from bitcoin BTC$63,733.68 ETFs, which dragged the price of the largest cryptocurrency below $60,000, were partly driven by investors pulling funds to participate in the IPO. If so, some of that capital could find its way back into crypto in the coming days, providing a lift to valuations.The IPO cuts both ways. On one hand, a blockbuster debut signals broad market confidence, potentially drawing fresh capital and sustaining the risk-on mood that tends to lift bitcoin and the wider crypto market alongside equities.On the other hand, there's a note of caution. Pseudonymous analyst Doctor Profit, who correctly called bitcoin's selloff since October, argues that record IPOs are often a hallmark of excess optimism and market tops rather than new beginnings. "The closest comparison is Saudi Aramco at $1.70T, which went public just 10 weeks before the COVID crash in 2020. And Aramco is far from the only mega IPO that appeared near a major market top," Doctor Profit posted on X. "Always remember that the largest IPOs in history tend to arrive when optimism and euphoria is extreme, and investors are willing to pay almost any price."Looking at the previous five largest IPOs — Saudi Aramco, Alibaba, SoftBank, NTT Mobile Communication Network and Visa — all bar NTT hap…

For crypto, SpaceX's stock market debut could go either way

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