SpaceX IPO – Bitcoin, XRP and Ethereum have fallen sharply again over the past 24 hours as the broader crypto market continues its slide through 2026. The pressure is increasingly tied to outside money moving toward upcoming tech IPOs—especially SpaceX, with its planned Ju
For a second straight week, crypto traders have woken up to red screens. Bitcoin is down 3.3% over the past 24 hours, XRP is down 1.9%, and Ethereum has dropped 4.9%. The move isn’t an isolated dip—it’s the latest leg of a decline that has been hanging over the market for much of the past week.
The selloff fits a broader pattern that’s been building since the start of 2026. Year-to-date, Bitcoin has lost 23% of its value, XRP is down 32%, Ethereum is down 36%, BNB is down 25%, and even Dogecoin—often treated as the market’s risk-on mood ring—is down 19%.
A mix of fears has been blamed for those losses: worries that geopolitical conflicts could sink the economy, uncertainty about the future of crypto regulation, and ongoing concerns that markets may be caught in an AI bubble that could eventually drag valuations down with it.
But the timing of the latest drop is what’s drawing attention. Over just the last five trading days, Bitcoin has declined 8.3%, XRP and Ethereum are down 6.5% each, and Dogecoin is down 5.4%. Within that same window, excitement has also been rising around one big corporate event: SpaceX’s imminent IPO.
SpaceX’s filing—and the money question—hang over prices
In May, Elon Musk’s SpaceX publicly filed for its long-anticipated initial public offering. The stock listing is expected to occur on or around June 12, and it’s widely expected to be the largest IPO in history.
The scale fueling the hype is enormous: current valuations put SpaceX’s potential market cap at $1.75 trillion. For many fans of Musk, the story is simple—this could become one of the biggest value-creation events in modern investing.
That optimism isn’t limited to SpaceX. Two other major tech IPOs are also expected this year, from OpenAI and Anthropic. Both the ChatGPT maker and the Claude AI maker are expected to debut between September and November.
Still, the immediate market pressure comes from the same question investors always ask when a major listing is near: where will the cash come from, and what gets sold first to fund it?
The theory making the rounds is that the crypto drawdown is being accelerated by “liquidity rotation.” In other words. some investors may be liquidating crypto positions to raise cash for equity opportunities—starting with SpaceX in a few weeks. The idea is that crypto is facing competition for capital as equity markets outperform. pulling both crypto-native investors and traditional asset managers toward stronger equity narratives.
Morningstar warns against the rush, too
If investors are rotating out of tokens to buy IPO stock. the move may not translate into the payoff they’re hoping for. Many watchers expect SpaceX’s IPO price to reflect a total company valuation of around $1.75 trillion. Yet there’s also a growing counterargument: that SpaceX doesn’t yet make a profit. and the valuation could be too high.
That concern has started to reach the mainstream investment conversation. Analysts at Morningstar have described SpaceX as “significantly overvalued.” They also warn that investors will have opportunities to buy at more attractive levels after the IPO. Morningstar’s fair value estimate for SpaceX is around $780 billion—well below the $1.75 trillion valuation touted by many.
If that gap proves real once the stock begins trading, the downside risk isn’t theoretical. Some expect SpaceX’s share price could fall in the weeks after trading begins as investors reassess whether the company was priced for a future that may be harder to deliver.
So for investors cutting crypto positions to make room for the IPO, there’s no guaranteed victory—only a bet that the equity price will justify the selloff elsewhere.
Bitcoin XRP Ethereum crypto selloff SpaceX IPO liquidity rotation Elon Musk OpenAI IPO Anthropic IPO Morningstar fair value market cap Dogecoin