The SpaceX (NASDAQ:SPCX) trading debut Friday is quietly creating a Bitcoin (CRYPTO: BTC) buying opportunity, according to Milk Road analyst John Gillan.
Capital Rotation Into SpaceX Is Draining Crypto Of Attention And Buyers Investors have been raising cash for weeks to fund SpaceX allocations, pulling liquidity from Bitcoin and crypto in the process.
SpaceX opened at $162 Friday, above its $135 IPO price, after raising $75 billion at a $1.77 trillion valuation, making it the seventh most valuable US company ahead of Tesla Inc.
(NASDAQ:TSLA).
Elon Musk said on a JPMorgan Chase (NYSE:JPM) livestream before the IPO that SpaceX has been cash-flow positive since around 2015 and plans to put over 100,000 satellites in orbit and build AI data centers in space.
