One of the biggest stock-market debuts in history is six weeks away, and crypto sits in the same liquidity pool it will draw interest from.

SpaceX filed a confidential S-1 with the SEC earlier this month, targeting a $75 billion capital raise at a $1.75 trillion valuation.

If it prices anywhere near that level in its expected June listing, the offering will be more than 2.5 times larger than Saudi Aramco’s $29 billion 2019 record, making it the biggest stock-market debut in history. Polymarket traders assign a 65% probability of a June listing and a 53% probability that the first-day closing market cap exceeds $2 trillion.

SpaceX isn’t alone. ChatGPT maker OpenAI is targeting a Q4 listing at a valuation near $1 trillion. Anthropic is…