Risk Assets

The largest IPO in history is targeting a 30 per cent retail allocation — roughly $22 billion — and analysts warn that the capital earmarked for SpaceX shares is the same risk-on money that has been propping up bitcoin's April rally.

Since the outbreak of the Iran conflict on 28 February, bitcoin has gained more than 5 per cent while the iShares Expanded Tech-Software ETF has fallen over 2 per cent — the widest divergence since the two assets began tracking each other in late 2024.