Analysis: SpaceX IPO Could Expand Nasdaq's Bitcoin Exposure, But May Create Short-Term Selling Pressure on Tech Stocks and Bitcoin Funds

May 22. Analyst Yashu Gola reported that SpaceX is targeting a June initial public offering (IPO) valued at $75 billion. If its post-listing valuation ranges between $17.5 trillion and $20 trillion, SpaceX could be added to the Nasdaq 100 Index within 15 trading days under the index’s "Fast Entry" rule, an expansion that would increase the benchmark’s exposure to Bitcoin. According to SpaceX’s latest S-1 filing, the aerospace and space transport firm holds 18,712 Bitcoin (BTC) tokens, worth approximately $1.45 billion. When combined with Tesla’s 11,509 BTC holdings, Musk’s two major companies would become top Bitcoin holders among Nasdaq 100 constituents. Phong Le, CEO of Strategy, stated: "With SpaceX’s IPO, the Magnificent Seven will become the Magnificent Eight, with 25% of the index’s corporate balance sheets holding Bitcoin." However, analyst Nic Puckrin contends the SpaceX IPO could be "bad news" for tech stocks: once SpaceX is included in the Nasdaq 100, passive funds will be forced to buy SpaceX shares while selling existing index components such as Nvidia, Apple, and Microsoft, a move that could create a substantial capital-siphoning effect. Reports indicate Bitcoin’s recent price movements have exhibited a strong correlation with large-cap tech stocks. The 30-day correlation between BTC and the Magnificent Seven ETF (MAGS) is currently around 0.81. Analysts caution that if tech stocks come under pressure due to index rebalancing, Bitcoin could face short-term downside risks.