Crypto, Korean stocks feel pressure as SpaceX’s record IPO nears

SpaceX priced its IPO at $135 per share, targeting a record $75 billion raise at a $1.75 trillion valuation ahead of a June 12 Nasdaq ↘1.26% listing, according to Reuters.reuters
Bitcoin traded near extreme fear levels while XRP fell roughly 9% weekly, as analysts warn the IPO wave could drain over $240 billion in risk-on liquidity.youtube
South Korea’s Kospi faces rotation risk as foreign investors sold over $74 billion in Korean equities this year, with Samsung Electronics and SK Hynix flagged as vulnerable, per the Korea Herald.koreaherald

SpaceX IPO Pulls Risk Capital From Crypto and Korean Equity Markets

As SpaceX prepares for what would be the largest initial public offering in history on June 12, the gravitational pull of its $75 billion offering is reverberating across global risk markets. Cryptocurrency prices have extended their declines, with the Fear and Greed Index registering extreme fear, while analysts warn that South Korea’s high-flying chip stocks face a rotation as global funds position for the marquee Nasdaq listing.

Crypto Markets Enter Extreme Fear

Bitcoin was trading near $62,553 on June 5, with the Crypto Fear and Greed Index dropping to 12 — deep in “extreme fear” territory — according to market data reviewed that day. XRP has fallen roughly 9% on the weekly chart, declining from $1.33 at the end of May to around $1.14-$1.16 as broader selling pressure intensified.changelly

CoinDesk reported in April that SpaceX’s planned $75 billion raise, combined with potential IPOs from OpenAI and Anthropic, could absorb more than $240 billion in risk-on liquidity by year-end, reducing buying pressure for Bitcoin and other cryptocurrencies. That thesis appears to be playing out: CoinDesk noted on June 3 that XRP lost more than 5% in a single 24-hour session amid “orderly” distribution selling.coindesk

Korean Chip Stocks Face Rotation Risk

South Korea’s Kospi, which surged more than 100% year-to-date and briefly touched a record 8,046.78 in mid-May, is now contending with a potential outflow as global investors redirect capital toward the SpaceX listing. The Korea Herald reported on June 4 that analysts expect investors may rotate out of Samsung Electronics and SK Hynix to fund high-profile U.S. listings, though long-term AI demand remains intact.joins

Foreign investors have already unloaded more than 112 trillion won ($74 billion) of South Korean shares this year, according to industry data, testing the rally’s resilience. CNBC reported in May that foreign selling hit $13.2 billion in a single week, pushing Kospi volatility near record levels.kedglobal

The $75 Billion Listing Looms

SpaceX priced its IPO at $135 per share, aiming to raise $75 billion at a valuation of approximately $1.75 trillion, Reuters reported. The company plans to list on the Nasdaq under the ticker SPCX on June 12, following a roadshow that began June 4. If completed as planned, the offering would more than double Saudi Aramco’s 2019 record of $29.4 billion.reuters

With one week until listing day, traders across asset classes are bracing for continued pressure on speculative holdings as capital consolidates around what Bloomberg described as Elon Musk’s latest defiance of Wall Street convention.youtube