SpaceX secretly filed its S-1 document with the U.S. SEC earlier this month, planning an IPO with a valuation of approximately $1.75 trillion and a fundraising target of $75 billion. If it lists as expected in June, it will surpass Saudi Aramco's $29 billion fundraising record in 2019 to become the largest IPO in history. Meanwhile, OpenAI and Anthropic also plan to list in the second half of this year, with the three companies expected to attract a combined total of over $240 billion. Market analysts believe that these mega-IPOs could significantly drain liquidity from risk assets, and the crypto market is currently in the same pool of funds. Because mainstream crypto assets such as Bitcoin and Ethereum have been highly correlated with risk appetite on Nasdaq and the U.S. stock market in recent years, a large amount of capital has shifted to subscribing to tech giant IPOs, potentially weakening buying support for BTC, ETH, and altcoins. Analysts point out that Coinbase's IPO in 2021 coincided with a temporary peak in Bitcoin's price, and the SpaceX IPO may once again become a significant liquidity turning point in the crypto market. (CoinDesk)