Arthur Hayes: Massive Share Unlocking After AI Giants' IPOs Could Drag Down Crypto Market Liquidity BitMEX co-founder Arthur Hayes published a new article, "D is for Dilution," stating that SpaceX, Anthropic, and OpenAI will face massive share unlocking after their IPOs, making it difficult for their stock prices to rise. He estimates that by June 2027, SpaceX will have approximately 8.6 billion shares unlocked, equivalent to a further dilution of about 50%; Anthropic's IPO investors may face dilution of up to 83% during the same period. Hayes believes that the main purpose of these companies' IPOs is to access the bond market for financing. Once stock prices weaken, bond investors will demand higher yields, tightening the AI credit market. Banks are deeply involved in this round of AI financing, which will slow their balance sheet expansion and reduce dollar liquidity flowing into the crypto market. However, he also stated that if the AI bubble eventually triggers a financial crisis, central banks will print money to rescue the market, "which will be glorious for Bitcoin and cryptocurrency holders." He revealed that his fund, Maelstrom, is currently choosing to wait and see.