The SpaceX IPO May Be Quietly Creating A Massive Bitcoin Opportunity

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.

“Bitcoin and crypto right now have gotten like no attention, no speculation, no euphoria,” Gillan said on the Milk Road Show Thursday.

“That is the interesting opportunity, where you have such high-quality assets that nobody’s interested in accumulating.”

Gillan said he plans to continue buying Bitcoin on weakness rather than chasing the SpaceX IPO directly, arguing there will be ample time to get a SpaceX allocation after index inclusion brings mandatory buying pressure from funds benchmarked to the Russell 1000 and S&P 500 (NYSE:SPY).

Galaxy Digital Stands Out As The Play On Both AI And Crypto

Milk Road head researcher Martin flagged Galaxy Digital (NASDAQ:GLXY) as his largest portfolio position, citing its AI data center business as dramatically undervalued by the market. 

Galaxy’s Helios data center already contracted 800 megawatts to CoreWeave, generating roughly $900 million annually at 90% margins.

Galaxy received approval for an additional 800 megawatts in January and expects a second major tenant locked in within two months.

Beyond the data center business, Galaxy holds $1.8 billion in crypto on its balance sheet and runs trading, lending, and asset management operations. 

Martin argued the AI data center revenues alone justify a higher valuation than the market currently assigns, with the crypto business a free call option on top.

CLARITY Act Has Four Weeks Or It Dies For The Year

Both analysts flagged the CLARITY Act as the single biggest crypto market catalyst remaining in 2026. 

Galaxy founder Mike Novogratz said publicly he remains positive on passage but set a four-week window as the deadline before the bill loses its path for the year. 

Without a Senate floor vote set by Majority Leader Thune, the bill cannot complete reconciliation before Congress adjourns.

Martin said he does not expect the CLARITY Act to pass this year, and both agreed failure would make 2026 a difficult year for the broader crypto market.

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