ipo

Analysts believe that SpaceX's upcoming IPO could become a new source of short-term pressure on the Bitcoin and cryptocurrency markets. As the company is reportedly set to open up to 30% of the IPO shares to retail investors, some investors may sell high-risk assets like Bitcoin and Ethereum to free up funds to participate in this hot offering. SpaceX plans to issue shares at $135 each, aiming to raise $75 billion, with a valuation of approximately $1.77 trillion. The head of trading at GSR stated that crypto assets could be one of the sources for some investors to raise IPO funds.Recently, there have been views suggesting that SpaceX, along with potential future hot IPOs like OpenAI and Anthropic, could prompt funds to flow out of the cryptocurrency market, putting pressure on Bitcoin and Ethereum prices. However, SpaceX's listing could also, in turn, drive an increase in on-chain related trading activities. Currently, platforms like Hyperliquid and Binance have already offered perpetual contracts and tokenized stock products related to SpaceX, and the trading volume of related assets may further increase with the IPO.

According to Jinshi, U.S. Senator and Vice Chair of the Democratic Caucus Elizabeth Warren has called on the SEC to postpone SpaceX's IPO and requested a review of this IPO.

According to official data, within 24 hours of the launch of the first project SpaceX under Gate's IPO Access, the cumulative intended subscription amount has exceeded 92 million USDT, with nearly 10,000 participants, reflecting the market's ongoing attention and enthusiasm for investment opportunities in popular tech company IPOs.This project supports participation in subscriptions using USDT, with a minimum intended subscription amount of 100 USDT and a maximum intended subscription amount of 500,000 USDT. The event adopts an "intended subscription" mechanism, and the platform will calculate the allocation weight based on the user's average locked amount during the subscription period. The specific results will be determined based on the project's issuance situation and the actual allocation amount obtained by the platform.After users receive the IPO allocation, the corresponding stocks will be directly distributed to their Gate stock accounts. After the allocation ends, the relevant stocks will be listed on the Gate stock section on June 12, allowing users to directly engage in real stock trading or hold them, achieving a seamless connection from IPO subscription to secondary market trading.

According to Jinshi reports, the CEO of Franklin Templeton stated that the company will participate in the SpaceX IPO.

According to Bloomberg, Ant Group's overseas business subsidiary Ant International is considering raising approximately $1 billion to accelerate business growth, with a valuation expected to reach $10 billion or higher. Sources reveal that potential investors include existing shareholders General Atlantic and Silver Lake, and relevant communications are still ongoing, with no final decision made yet.If the financing is successfully completed, it will help Ant International prepare for a potential listing in Hong Kong as early as this year. If the listing plan goes ahead, it will restart Ant Group's IPO process, which was halted by regulators in 2020, making it the largest IPO globally. After undergoing a compliance restructuring, Ant International established an independent board in 2024. Due to R&D investments and regulatory factors, the overall valuation of the parent company Ant Group has shrunk to approximately $79 billion in 2023.Ant International achieved revenue of $3 billion in 2024 and recorded about 25% growth in 2025. As of April 2026, its services have covered over 220 markets worldwide, supporting more than 300 payment methods. Its core business consists of four major segments, including the cross-border payment network Alipay+, merchant acquiring service Antom, cross-border trade payment platform WorldFirst, and AI digital lending and foreign exchange fund management service Bettr.In March 2026, Ant Group received approval from Chinese regulators to acquire the Hong Kong-listed brokerage Bright Smart Securities & Commodities Group Ltd. to expand its online securities business outside mainland China. Ant Group is also continuously investing in emerging technologies to explore new revenue sources, with investment directions covering large language models, humanoid robots, and a healthcare application with 140 million users.

According to Fortune, Goldman Sachs and Morgan Stanley are competing for the lead underwriter position for the future IPOs of OpenAI and Anthropic. Previously, Goldman Sachs secured the lead underwriter role for the SpaceX IPO, which is expected to take place on June 12. Both OpenAI and Anthropic's IPOs are expected to raise at least $60 billion, totaling over $120 billion.Jay Ritter, an IPO expert from the University of Florida, stated that the investment bank that secures the lead underwriter position will determine how much IPO stock allocation each fund receives, thus potentially earning far more than other underwriters. Ritter noted that institutional investors often pay a significant amount of "soft dollars" to lead underwriters to secure more IPO allocations, which refers to the portion of trading commissions that exceeds the actual execution costs.If it is still uncertain whether Goldman Sachs or Morgan Stanley will secure the lead underwriter position for OpenAI and Anthropic, funds may simultaneously direct more trading commissions to both investment banks to increase their chances of receiving allocations. For example, in the case of the SpaceX IPO, if the fundraising scale reaches $86 billion, the underwriting fee would be approximately $600 million. However, if the stock price rises by 20% on the first day, the paper gains for IPO investors would exceed $17 billion, and Ritter estimates that at least 30% of that could flow back to the investment bank in the form of soft dollars, about $5 billion, far exceeding the underwriting fee itself.If both OpenAI and Anthropic see a 20% increase on their first day of trading, the paper gains for investors would reach $24 billion. Based on the same ratio, investment banks could potentially receive over $7 billion in soft dollars, most of which would flow to the lead underwriter. Currently, both OpenAI and Anthropic have secretly submitted draft registration statements, but the listing dates have not yet been determined.

Tom Lee, Chairman of BitMine, the largest treasury in Ethereum, stated in an interview with CNBC that the current market is showing signs of tension, mainly due to the reallocation of funds ahead of the SpaceX IPO and the market digesting previous gains. The SpaceX IPO is expected to reach $75 billion and will be included in the Nasdaq 100 index, which means many institutional funds need to raise capital in advance, not only to participate in the IPO but also to reserve cash for establishing sufficient weighted positions in the secondary market after the listing. He believes this means institutions may sell some stocks that have recently risen significantly, putting pressure on chip stocks.Tom Lee believes that storage chip stocks and the semiconductor sector have still held their lows from last Friday, indicating that the relevant charts have not completely broken down. The current pullback is healthy and he does not believe it will disrupt the main trading line of tech stocks. The trading performance on the first day of SpaceX's listing is very important. If SpaceX performs poorly, it will provide evidence for those who believe the market has peaked. However, he stated that since many people already think the SpaceX IPO marks a peak, from a contrarian perspective, this may not be the peak.Tom Lee still believes that tech stocks will continue to lead the market upward and stated that the current pullback will be bought. He expects the market to still show a "three-phase" trend this year, with a strong upward trend continuing in the foreseeable future, but a pullback may occur later this year, potentially around the time the IPO lock-up period expires and related supply pressures arise. The subsequent second phase market pullback may be driven by three factors: the market's testing of the policy path of the new Federal Reserve Chairman Kevin Warsh, stock supply from the expiration of large IPO lock-up periods, and potential energy shortage pressures that may arise later this year.

Robinhood CEO Vlad Tenev announced that the company's brokerage and clearing division, Robinhood Securities, has been approved to act as an IPO underwriter. It is currently unclear which regulatory agency completed this approval, but the relevant regulation of the IPO process typically involves FINRA and the SEC.This initiative is a further upgrade based on Robinhood's existing IPO Access business. Through IPO Access, Robinhood users can participate in the subscription of stocks from companies that are about to go public. Underwriters play a more central role, not only assisting private companies in completing the listing process but also acting as intermediaries between issuers and investors.

According to Gate market data, US stocks experienced significant volatility today. The index opened higher, then faced selling during the midday session, and recovered some losses near the close. Most major indices closed lower, with the Nasdaq index down about 1% and the S&P 500 index slightly down 0.26%. Chip stocks were hit hard, with the Philadelphia Semiconductor Index closing down 1.9%. Many investors may be moving funds out of stocks that have risen significantly this year to free up cash for the highly anticipated SpaceX IPO this week.

Gate announced that the first phase of its IPO Access project has officially launched, with SpaceX as the initial offering. Users can now submit their intention to subscribe through the Gate platform to participate in investment opportunities for popular company IPOs. The event adopts an "intention to subscribe" mechanism, and the platform will calculate the allocation weight based on the average locked amount during the subscription period.Ultimately, users may receive full allocation, partial allocation, or no allocation at all, with the specific results determined by the project's issuance situation and the actual allocation amount obtained by the platform. After receiving the IPO allocation, the corresponding stocks will be directly distributed to the Gate stock account. After the allocation ends, the relevant stocks will be listed on the Gate stock section on June 12, allowing users to directly engage in real stock trading or hold them, achieving a seamless transition from IPO subscription to secondary market trading.As an important part of Gate's stock business, IPO Access provides users with a new channel to participate in the subscription of globally popular companies going public. Currently, with the launch of IPO Access, Gate is gradually improving its product ecosystem covering Pre-IPO, IPO, and stock trading, providing users with a more convenient one-stop global investment experience.

Gate Direct IPO's first project officially launches SpaceX, providing users with a new option to participate in globally popular IPO investment opportunities. Through the Gate platform, users submit intention applications and receive corresponding spot stocks after the company officially lists, achieving a seamless connection from IPO application to stock trading. Compared to traditional IPO processes, Gate Direct IPO significantly lowers the participation threshold, eliminating the need for complex cross-border account openings and multi-platform operations. After the company completes its IPO, the platform will distribute stocks directly to users' spot stock accounts after the company officially goes public, realizing an investment experience of "immediate allocation upon listing, stocks delivered directly to accounts."As one of the most watched commercial space companies globally, SpaceX has long attracted attention from the capital market due to its reusable rockets, Starlink satellite internet, and future space economy layout. After the IPO allocation ends, stocks will be directly distributed to Gate stock accounts on June 12, allowing users to hold and trade real U.S. stocks without needing to open additional accounts. This launch also marks Gate's further integration of the complete investment chain from Pre-IPO, IPO to stock trading, providing users with more efficient and convenient global asset allocation services.

According to The Wall Street Journal, SpaceX's upcoming IPO is expected to bring substantial paper gains to the endowment funds of several universities in the United States. About 10% of the University of North Carolina system's endowment fund is invested in SpaceX, primarily stemming from early investments in Peter Thiel's Founders Fund. The University of Washington in St. Louis has a holding in SpaceX that exceeds 15%, with the fund having invested in SpaceX in 2018 alongside Vy Capital. Stanford University also holds a significant stake in SpaceX, indirectly through institutions such as Founders Fund, Sequoia Capital, Andreessen Horowitz, Thrive Capital, and Darsana.SpaceX has transformed from an initial rocket launch company into an internet provider, social media platform, and AI company, with its valuation soaring from $140 billion in December 2022 to approximately $1.77 trillion at this week's IPO pricing. Some schools have reduced their positions in the secondary market to lock in profits, such as the University of Washington, which has sold off part of its holdings to secure gains. Although the paper gains are considerable, the use of endowment funds is legally restricted, and schools may not be able to allocate them freely.

Data shows that the market value of tokenized stocks has grown from $2.23 billion at the beginning of the year to $5.5 billion, an increase of approximately 147% in six months, and it has now become the fourth largest RWA asset class. This growth reflects the rising structural demand among crypto users for exposure to the stock market, with more users wanting to access stock-like assets through on-chain tools rather than relying on traditional brokerage accounts.Exchanges are also accelerating the layout of related products. Kraken and Bybit have provided access to SpaceX IPO-related entries within their platforms, allowing users to participate in the highly anticipated private company listing opportunities without leaving the crypto ecosystem. Binance has also launched stock perpetual contract products for non-U.S. users, further meeting the global retail demand for on-chain trading of U.S. stock markets.

According to Forbes, the Ontario Teachers' Pension Plan in Canada is expected to gain substantial returns from the SpaceX IPO. The fund invested approximately $220 million in SpaceX in 2019 when the company's valuation was around $33 billion to $36 billion.If SpaceX goes public as planned at $135 per share, with an estimated valuation of about $1.75 trillion, the shares held by the Ontario Teachers' Pension Plan would rise to approximately $11.6 billion, with potential paper gains exceeding $11 billion. As of the end of 2025, the Ontario Teachers' Pension Plan manages assets of about $279.4 billion, covering 346,000 active and retired teachers.The fund's Chief Investment Officer Gillian Brown previously stated that an IPO does not necessarily mean an exit point, and they may continue to hold shares in the future to see if SpaceX can initiate a new growth cycle after acquiring xAI. Notably, the fund had invested about $95 million in FTX in 2022 and wrote down that investment to zero after FTX's bankruptcy. However, benefiting from strong performances from projects like SpaceX, its venture capital portfolio is still expected to achieve a 30% growth by 2025.Currently, some institutions are cautious about SpaceX's valuation. Morningstar believes its fair valuation is less than half of the IPO target. Based on a $1.75 trillion valuation, Elon Musk's wealth, holding about 41% of the shares, is expected to rise further, potentially making him the world's first trillionaire.

Binance Futures will adjust the contract amount of SPCXUSDT U-based Pre-IPO Perp on June 10 at 16:30. This adjustment is expected to take 15 to 30 minutes, and after the adjustment is completed, there will be a 5-minute cancellation-only phase. Users holding this contract position should assess their current positions in advance to respond to potential price fluctuations.

Bybit announced the official launch of its on-chain US stock IPO subscription product, Bybit IPO Express, and partnered with xStocks to introduce the first phase of the SpaceX tokenized IPO subscription service.It is reported that this product is open to eligible Bybit VIP and Pro users, allowing users to subscribe to stock assets at the issue price directly in the primary market without the need to open a traditional brokerage account. The tokenized SpaceX shares issued this time are fully backed by xStocks, pegged 1:1 to real equity, and comply with institutional-level regulatory standards.The specific timeline for the SpaceX tokenized subscription is as follows:Registration and subscription period: June 7 to June 11Quota phase: June 11 to June 12Spot trading launch: June 12The official statement indicated that the Bybit platform will continue to expand its on-chain US stock and RWA ecosystem in the future to provide more diversified investment opportunities.

According to Bloomberg, large IPO candidates including SpaceX may have to wait several years to be included in the S&P 500 index.The reason is that S&P Dow Jones Indices has refused to relax the criteria for inclusion of constituent stocks, maintaining the requirement for companies to achieve positive net income over the past year (including the most recent quarter). This decision was made by its index committee after a month of discussions, meaning that large newly listed companies that have not yet met the conditions for sustained profitability will still find it difficult to enter the index in the short term.

According to CoinDesk, NYDIG's Global Research Director Greg Cipolaro stated that the decline in Bitcoin does not have a single cause, but is due to multiple overlapping factors. The AI sector continues to siphon funds from the crypto market, and investors are preparing for large tech IPOs such as SpaceX, OpenAI, and Anthropic, with institutions needing to raise cash or reduce existing positions.The U.S. Treasury Secretary claimed to have seized approximately $1 billion in Iranian-related crypto assets, raising concerns about government intervention in the digital asset market. Quantum computing threats have once again become a focal point, and Strategy's sale of 32 BTC, while negligible on the supply side, has a greater psychological impact.Cipolaro pointed out that on-chain indicators show that several metrics are approaching historical bottom levels, with the MVRV ratio dropping to 1.2 and the proportion of profitable supply recently falling below 50%. However, the current 53% drawdown is far lower than the previous cycle's levels of 75%-90%, and it has only been 242 days since the peak. This suggests that either institutions have fundamentally changed Bitcoin's cyclical behavior, or the market has not yet truly entered a capitulation phase.

According to official news, the AI native trading platform WaterX on the Sui blockchain completed its first round of SpaceX (SPCX) Pre-IPO quota sales on May 27 last week, using a first-come, first-served basis, and sold out completely within 50 minutes. This is the first real private placement market company's Pre-IPO quota sale on the Sui blockchain. The first round was quickly filled, showing strong demand for scarce assets in the market. This means that private placement market assets are becoming a new category that this public chain can support within the Sui ecosystem. Subsequent rounds and assets will be announced through WaterX's official channels.WaterX is an AI native trading platform built on Sui, integrating three major engines: perpetual contracts, prediction markets, and tokenized RWA. Recently, WaterX announced its selection for the Sui Foundation Moonshots Program. The WaterX prediction market will also officially launch soon, covering all FIFA World Cup event markets in its first wave. To celebrate the launch, WaterX is simultaneously launching the "2026 World Cup Blind Box" event: users can choose a supported team and invite friends to join, and on the launch day, they can open the World Cup exclusive blind box.