🤝 Hayes Warns of IPO Shock
Arthur Hayes, BitMEX co-founder, warns in “D is for Dilution” that SpaceX, Anthropic, and OpenAI IPO unlocks and dilution could pressure shares, lender confidence, bank balance sheets, and dollar liquidity supporting crypto and other risk assets.
SpaceX’s free float rose 50% since its IPO while the price barely changed. About 8.6 billion shares could unlock by the end of June 2027. A potential Tesla merger could add up to 50% more dilution.
Under Hayes’ reading of Anthropic’s S-1, investor dilution could reach 83% by June 2027. At a $1.5 trillion valuation, holding the price would require up to $1.245 trillion in new capital.
$SPCX $OPENAI
Arthur Hayes, BitMEX co-founder, warns in “D is for Dilution” that SpaceX, Anthropic, and OpenAI IPO unlocks and dilution could pressure shares, lender confidence, bank balance sheets, and dollar liquidity supporting crypto and other risk assets.
SpaceX’s free float rose 50% since its IPO while the price barely changed. About 8.6 billion shares could unlock by the end of June 2027. A potential Tesla merger could add up to 50% more dilution.
Under Hayes’ reading of Anthropic’s S-1, investor dilution could reach 83% by June 2027. At a $1.5 trillion valuation, holding the price would require up to $1.245 trillion in new capital.
$SPCX $OPENAI
