Tech stocks and crypto are selling off in a “classic pre-mega-IPO liquidity squeeze,” say analysts.
The initial public offering of Elon Musk’s SpaceX has reportedly seen an oversubscription rate running at almost four times the planned offering size, with some analysts suggesting it could be squeezing liquidity from the market.
SpaceX’s IPO (SPCX) has attracted over $250 billion in investor demand, far exceeding the $75 billion it is seeking to raise in what would be the largest public offering ever, with the firm valued at $1.8 trillion, Reuters reported.
Bankers and investors say it is the latest sign that demand is strong, as long-only funds have put in “sizable orders,” according to the sources.
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