By Hannah Lang
June 10 (Reuters) - **** eX's much-anticipated $75 billion initial public offering, set to be the largest ever, will likely keep cryptocurrency prices in the doldrums as retail investors attracted to new and risky artificial intelligence stocks scramble to get a slice of the action.
Celebrity billionaire Elon Musk's rocket and satellite communications company - which merged with his AI startup xAI earlier this year - is expected to fetch a valuation of around $1.75 trillion, sparking a Wall Street and media frenzy.
The company has set aside up to 30%, or $22.5 billion, of shares for retail investors, Reuters and other outlets have reported, in a rare move for a blockbuster IPO that historically have been dominated by institutional investors.
That has helped drive rotation out of risk **** ets like cryptocurrencies, as retail and other investors free up cash to buy shares in **** eX - as well as hotly anticipated IPOs from OpenAI and Anthropic that are expected to follow this year, said **** ysts and crypto executives.
June 10 (Reuters) - **** eX's much-anticipated $75 billion initial public offering, set to be the largest ever, will likely keep cryptocurrency prices in the doldrums as retail investors attracted to new and risky artificial intelligence stocks scramble to get a slice of the action.
Celebrity billionaire Elon Musk's rocket and satellite communications company - which merged with his AI startup xAI earlier this year - is expected to fetch a valuation of around $1.75 trillion, sparking a Wall Street and media frenzy.
The company has set aside up to 30%, or $22.5 billion, of shares for retail investors, Reuters and other outlets have reported, in a rare move for a blockbuster IPO that historically have been dominated by institutional investors.
That has helped drive rotation out of risk **** ets like cryptocurrencies, as retail and other investors free up cash to buy shares in **** eX - as well as hotly anticipated IPOs from OpenAI and Anthropic that are expected to follow this year, said **** ysts and crypto executives.
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