SpaceX's $75B IPO — A Mega-Cap Entry Shakes Nasdaq and Bitcoin
By John Nada·May 24, 2026·3 min read
SpaceX's $75B IPO could reshape Nasdaq and Bitcoin landscapes, introducing new risks and opportunities as it joins the Nasdaq 100.
The IPO is not just a routine listing; it's set to utilize Nasdaq's "fast entry" rules, potentially allowing SpaceX to join the Nasdaq 100 within just 15 trading days. This rapid inclusion could see SpaceX quickly becoming one of the index's largest constituents, especially if its valuation lands in the $1.75 trillion to $2 trillion range post-IPO. Such a move would not only increase the Nasdaq 100's Bitcoin exposure but also introduce a second Elon Musk-linked company with significant Bitcoin holdings. Tesla, another Musk-affiliated company, already holds 11,509 BTC, and with SpaceX's entry, the Nasdaq will further diversify its portfolio with digital assets.
Analyst Nic Puckrin warns that the inclusion of SpaceX in the Nasdaq 100 may exert pressure on existing tech stocks. The necessity for passive funds to adjust their portfolios by buying into SpaceX could lead to significant sell-offs of other stocks. This reallocation of capital is akin to a vacuum effect, where funds flow toward SpaceX, potentially leading to over $20 billion in passive outflows from Nvidia and around $16 billion from Apple, according to JP Morgan estimates.
This reshuffling could have broader implications for Bitcoin as well. The cryptocurrency's 30-day rolling correlation with the Roundhill Magnificent Seven ETF (MAGS), which tracks major tech stocks, is currently at +0.81. This indicates a strong co-movement with tech stocks, suggesting that any downturn in the tech sector could mirror in the Bitcoin market. If SpaceX's entry into the Nasdaq 100 leads to a decline in tech stocks, Bitcoin might also experience short-term downside risk.
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Bitcoin's technical indicators are not particularly optimistic either. The cryptocurrency has been trading within an upward-sloping bear flag pattern since February, a formation often seen as a pause in a broader downtrend. The demand for Bitcoin appears to have dropped to its lowest in four months, aligning with the current technical structure. Immediate downside targets are identified around the $73,000 to $74,000 range, with a potential rebound that could push prices back towards $85,000. However, a decisive break below this range could lead to a deeper decline towards $56,000, based on the pattern's measured move.
The inclusion of SpaceX, often referred to as the "Mag 8" alongside the likes of Apple, Microsoft, Nvidia, Amazon, Alphabet, Meta, and Tesla, marks a significant shift in the landscape of mega-cap tech stocks. With Phong Le, CEO of Strategy, stating that "25% of the Mag 8 will have Bitcoin on their balance sheet," the IPO underscores the growing importance of digital assets within major tech companies' financial strategies.
The ripple effects of SpaceX's IPO are expected to be felt across the tech and cryptocurrency markets. As passive funds are forced to adjust their holdings, the resulting capital flows could lead to volatility not only in tech stocks but also in Bitcoin, as its fortunes remain closely tied to those of major tech players. Investors and analysts alike will be closely watching the unfolding dynamics, as SpaceX's entry into the Nasdaq 100 represents both a new opportunity and a potential source of disruption in the financial markets.