Hayes: SpaceX, Anthropic, OpenAI IPOs to Dilute Shares, Weigh on Crypto Liquidity

Cointime reports: Arthur Hayes said in his article “D is for Dilution” that lockup expirations at SpaceX, Anthropic and OpenAI could release large share blocks and pressure AI stock prices. He estimates SpaceX will unlock about 8.6 billion shares by end-June 2027, roughly 50% of float, while Anthropic early IPO investors may face about 83% dilution. Weaker AI credit could slow US bank balance-sheet expansion and tighten dollar liquidity, pressuring crypto until central banks respond; Maelstrom is staying on the sidelines.