The crypto market faces a major challenge. While bitcoin is establishing itself as the favorite speculative and reserve asset of hedge funds, unexpected competition is emerging from Silicon Valley. A gigantic wave of IPOs from AI and tech giants, estimated at $3,000 billion, threatens to massively divert the institutional capital currently injected into bitcoin.
In brief
- SpaceX is targeting an IPO capable of raising up to $75 billion.
- OpenAI and Anthropic plan their IPOs in 2026.
- A capital rotation from crypto assets to AI stocks is possible, but not certain.
SpaceX gets the ball rolling on June 12
Among the three giants, SpaceX is the most advanced. Now merged with xAI, Elon Musk's company would aim for a introduction to Nasdaq under the ticker SPCX from June 12. The estimated valuation ranges between $1.75 trillion and $2 trillion. The IPO could raise up to $75 billion. Which would make it one of the biggest in stock market history.
The creator of ChatGPT OpenAI is expected in stock market in the second half of 2026 with a private valuation already estimated at $852 billion. Some analysts anticipate crossing the 1,000 billion mark at the time of introduction.
For its part, Anthropic filed a S-1 file confidential with the SEC on June 1. The company is targeting an IPO before the end of the year.
Why could bitcoin face unexpected pressure?
THE bitcoin is down 17% in two weeks and remains far from its peaks at the end of 2025. At the time of writing this article, the price of BTC stands at $63,600.
Historically, large IPOs cause fund managers to rebalance their portfolios. The first positions to be reduced are often those perceived as proxies, notably Nvidia, Microsoft or Alphabet.
Some analysts go further. They believe that crypto assets (other than bitcoin) could also be in the sights, particularly if AI IPOs are draining capital in search of the next big growth trend. Michael Saylor himself recently acknowledged that enthusiasm for AI influences investor behavior.
One thing is certain: the aspiration of capital by future AI giants will force bitcoin to prove (once again!) its resilience. The coming months will thus offer a life-size test: that of the capacity of global capital to choose between the promise of AI and that of cryptocurrencies.
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