TradingKey – Bitcoin’s drop below $70,000 will lower the value of SpaceX’s Bitcoin holdings, but it is highly unlikely to derail the listing process.
On June 2, Bitcoin prices plunged by approximately 4%, falling below the $70,000 threshold and reaching their lowest level since April 7. This sudden shift in Bitcoin’s price directly reduced the value of SpaceX’s Bitcoin holdings. However, will this change impact SpaceX’s listing process?
This Thursday (June 4), as SpaceX prepares to launch its historic pre-IPO roadshow, Bitcoin’s sensitive dip below the $70,000 mark will inevitably cast a macro shadow over this $1.75 trillion “IPO of the century,” though it is unlikely to delay the listing process.
SpaceX’s Bitcoin holdings have a total market value of approximately $1.3 billion to $1.4 billion, which accounts for only about 0.1% of the company’s projected $1.75 trillion valuation, making the impact relatively limited. Furthermore, SpaceX’s pricing power lies in Starlink and the xAI ecosystem; these two core pillars are the foundation of the $1.75 trillion valuation, not Bitcoin.
However, the decline in Bitcoin prices may lead to investor demands for a discounted subscription. During the roadshow, underwriters such as Goldman Sachs and Morgan Stanley will present SpaceX’s balance sheet to top global sovereign wealth funds and institutional investors. The unrealized losses from SpaceX’s substantial Bitcoin holdings will directly drag down the company’s net profit, and savvy Wall Street institutions are very likely to use this as a bargaining chip to demand a discounted IPO price.
In the eyes of Wall Street, Bitcoin’s price is a vital indicator of global liquidity and high-tech venture capital; its fall below the 70,000 mark reflects deeper macro headwinds, such as rising geopolitical friction or a hawkish pivot by the Federal Reserve due to overheated economic data. If the broader U.S. stock market sees an outflow of capital, underwriters—seeking to prevent the stock from “breaking” its IPO price on the first day due to weak demand—might suggest that Musk strategically postpone the listing, though this remains a slim possibility.
In short, for this monumental fundraising effort—the largest in human history with an expected valuation of $1.75 trillion to $2 trillion—short-term volatility in the cryptocurrency market may cause some noise during pricing negotiations, but it is unlikely to hinder the listing process.
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