Elon Musk’s rocket and satellite company SpaceX is gearing up for a significant initial public offering (IPO) projected at $75 billion, which is expected to take place in June. This move could mark one of the largest upcoming public listings, particularly noteworthy for its substantial Bitcoin holdings.
SpaceX recently reported in its S-1 filing that it holds approximately 18,712 Bitcoin, valued at around $1.45 billion. This amount positions the company as the largest known Bitcoin holder among firms that are preparing for or have recently filed for a public listing. The upcoming IPO has potential implications for the broader tech sector, particularly regarding passive investment flows.
Under Nasdaq’s “fast entry” guidelines, SpaceX could become part of the Nasdaq 100 index within 15 trading days following its IPO. Analysts speculate that if SpaceX secures a valuation between $1.75 trillion and $2 trillion, it could enhance Bitcoin’s exposure within the index significantly, marking it alongside Tesla, which already holds 11,509 BTC. Consequently, the Nasdaq 100 might have two major companies tied to Elon Musk that carry Bitcoin exposure.
Phong Le, CEO of Strategy, remarked that with SpaceX’s IPO, the group referred to as the “Mag 7” — which includes tech giants like Apple and Microsoft — would expand to eight members. He noted that a substantial portion of these companies would possess Bitcoin on their balance sheets, with one-quarter of the new “Mag 8” likely to include Bitcoin holdings.
However, the prospect of SpaceX entering the Nasdaq 100 raises concerns for existing tech stocks. Analyst Nic Puckrin pointed out that if SpaceX is integrated into the index rapidly, existing shareholders may be compelled to sell their shares in current Nasdaq constituents to acquire SpaceX stock. This scenario poses a risk of significant passive capital outflows from established tech names, including Nvidia and Apple.
JPMorgan’s estimates reflect that Nvidia could experience over $20 billion in passive outflows as a result of SpaceX’s inclusion, while estimates for Apple stand around $16 billion. Other companies, such as Microsoft, Amazon, and Alphabet, are also expected to face similar funding pressures.
Bitcoin itself has shown a strong correlation with major tech stocks throughout 2026. Recently, Bitcoin’s 30-day correlation with the Roundhill Magnificent Seven ETF (MAGS), which tracks the leading tech companies, was reported to be at +0.81. This trend suggests that as large tech names are affected by the rebalancing related to SpaceX’s IPO, Bitcoin’s value may also experience short-term volatility.
Current on-chain data indicates diminished demand for Bitcoin, dropping to levels not observed in four months. This situation may set the stage for several months of price consolidation. Bitcoin has been trading within an upward-sloping bear flag pattern since February, a setup indicative of a potential downtrend pause. The immediate downside target for Bitcoin appears to be in the $73,000 to $74,000 range, aligning closely with the flag’s lower trend line. A bounce back from this area could propel prices toward the flag’s upper boundary near $85,000. Conversely, a decisive drop below the lower trend line may open the door for a more pronounced decline, potentially sinking to $56,000 according to established patterns.
