SpaceX IPO hoovers up cash from crashed crypto — ride the Great Tech Rotation
SpaceX is about to launch the largest stock market debut in history, while at the exact same time, billions of dollars are fleeing the cryptocurrency market. Analysts say traders are dumping Bitcoin to chase massive new tech offerings like this SpaceX IPO.
Idea
SpaceX is aiming to raise up to $86 billion, which is more than twice the previous all-time record for a stock debut. When a massive, hugely popular company like this goes public, it tends to suck money away from riskier investments like cryptocurrencies—exactly what we're seeing with Bitcoin crashing below $62,000. History shows that when investors rotate out of crypto and into blockbuster tech stocks, the companies supplying the physical infrastructure for the tech sector tend to rally as they receive an influx of new investment capital.