NYDIG, a Bitcoin financial services firm, said in a June 5 market note that investors are looking ahead to what could become the largest technology IPO cycle in more than a decade, with private companies including SpaceX, OpenAI, Anthropic, Databricks and Anduril expected by market participants to pursue public listings in the coming quarters.
The firm stressed that no formal timelines have been announced and that several of those companies haven't publicly filed registration statements.
Still, the New York-headquartered firm said the expected IPO pipeline has become "an increasingly important topic in institutional portfolios" because those companies represent "trillions of dollars of private market value and could ultimately seek hundreds of billions of investor capital."
NYDIG
Crypto could feel that more directly because the buyers overlap. Many investors who allocate to Bitcoin, crypto stocks and crypto funds (or crypto treasuries) are also natural buyers of large AI and technology IPOs.
Read also: SpaceX pre-IPO market tops $2T, puts Musk near trillionaire math
Risks of "near-term flow headwind"
After months of Bitcoin lagging leading AI-related equities, NYDIG says some investors "may be rotating capital toward what they view as the next major opportunity set."
NYDIG pointed out that the IPO threat doesn't change the long-term case for cryptocurrencies, but it could still create a "near-term flow headwind" while fresh crypto demand already looks weaker than earlier in the cycle.
As of press time, Bitcoin trades near $61,250, with an intraday low around $60,438, per CoinGecko.
- The IPO concern also fits a wider market debate. Goldman Sachs reportedly lifted its 2026 IPO fundraising forecast to $225 billion.
- BMI, a unit of Fitch Solutions, also warned that a wave of megacap IPOs from companies such as Anthropic, OpenAI and SpaceX could strain investor demand if several deals hit the market close together.
More context: Bitcoin price crash puts $46K bottom zone back on the table