SpaceX IPO nears 4 times oversubscribed, squeezing crypto and tech

SpaceX is nearing an Initial Public Offering (IPO) that is reportedly oversubscribed by nearly four times, according to sources familiar with the matter. This significant investor demand is contributing to a liquidity squeeze in the technology and cryptocurrency markets, as analysts observe a "classic pre-mega-IPO liquidity squeeze." The valuation for SpaceX's IPO is anticipated to be between $175 billion and $200 billion, with the company aiming to raise approximately $10 billion. This offering is expected to be one of the largest IPOs in recent years, potentially surpassing the $8.1 billion raised by Rivian in 2021. The substantial capital raise by SpaceX is drawing investment away from other sectors, including tech startups and digital assets, as investors reallocate funds to secure positions in what is projected to be a highly sought-after public offering. The IPO is tentatively scheduled for the second half of 2024, though the exact timing remains subject to market conditions and regulatory approvals. SpaceX's move to the public market follows a period of substantial growth and achievement, including successful Starship test flights and the expansion of its Starlink satellite internet service.