An analysis said demand for subscriptions to SpaceX's initial public offering (IPO) has drawn nearly four times the planned offering size, putting pressure on liquidity in cryptocurrencies and U.S. technology stocks.

A Reuters report cited by blockchain outlet Cointelegraph on June 10 said more than $250 billion of investment demand poured into the SpaceX IPO and the company is seeking to raise $75 billion.

If the IPO proceeds as planned, SpaceX's valuation is put at $1.8 trillion. It is expected to be the largest offering on record by funds raised. Pricing is expected on Thursday, but final demand may change until then as large institutional investors often place orders at the last minute.

What market participants are watching is the concentration of funds. With U.S. technology stocks plunging and more than $180 billion leaving the cryptocurrency market over the past week, some analysts raised the possibility that part of that money moved into funds for SpaceX IPO subscriptions.

Andri Fauzan Azima (안드리 파우잔 아지마), an analyst at Bitrue, said, "The current bear market is a typical liquidity squeeze ahead of a mega IPO." He argued the recent plunge in cryptocurrencies and tech stocks was not a coincidence, and that SpaceX's record offering is acting like a de facto "IPO tax" on the market.

He also drew a line against interpretations that the weakness marks the start of a prolonged down market. Andri viewed the move as a "temporary capital rotation," not an entry into a broader bear market. The view is that demand to increase cash holdings ahead of a large IPO led to sales of existing risk assets.

Expectations for SpaceX's growth hinge heavily on its satellite internet business Starlink. Starlink has become the company's main source of revenue and profit, and SpaceX is also presenting a $23 trillion market opportunity in artificial intelligence (AI).

Cryptocurrency exchanges have also quickly rolled out related products using expectations around the listing. Binance, Coinbase, Kraken and Bybit launched perpetual products with futures-like characteristics this month ahead of SpaceX's listing. Binance spot and derivatives head Shuniet Jan (슈니엣 얀) said of the early influx of funds, "It shows growing demand from investors to invest in high-profile private companies in a way similar to regulated markets."

At Binance, cumulative trading volume reached $2.1 billion in 18 days after launch, and participating countries exceeded 130. At decentralised exchange (DEX) Hyperliquid, $70 million in trading volume occurred over the past 24 hours. Based on Hyperdash, the price of a SpaceX pre-listing synthetic perpetual product fell to $157 from $210 at launch.

Demand is continuing regardless of the price decline. Hyperliquid's open interest exceeded $115 million, and the market is currently reflecting a SpaceX valuation of about $1.97 trillion.

Against this backdrop, the SpaceX IPO is emerging as a factor that is shaking short-term money flows in tech stocks and the cryptocurrency market, beyond being simply a large listing. How much actual fund movement continues after the final offering price is set and trading begins is the next point to watch.