The biggest IPO in history is quietly taking shape! SpaceX has secretly submitted its IPO application, with a valuation potentially reaching $1.75 trillion and a fundraising target of $75 billion, aiming to challenge the global IPO record set by Saudi Aramco in 2019. The window is open, but funds, valuations, and attention are being rapidly diverted. OpenAI, Anthropic, and Databricks are waiting in line, while crypto companies like OKX, Kraken, Ledger, and Bithumb have postponed their IPOs. The capital market's capacity is facing a stress test.