SpaceX has held bitcoin for years with out ever having to clarify why to the general public market buyers. That is about to change.
Bloomberg reported late Friday that Elon Musk’s rocket and satellite tv for pc firm is focusing on a confidential IPO filing with the SEC as quickly as March, protecting it on observe for a June itemizing that will be the most important in historical past. The corporate is anticipated to search a valuation above $1.75 trillion and lift as a lot as $50 billion, eclipsing Saudi Aramco’s 2019 document of $29 billion.
Buried inside that filing might be 8,285 bitcoin.
Arkham Intelligence data exhibits SpaceX’s recognized wallets held about $544.8 million in BTC as of Saturday morning, unfold throughout 43 addresses in Coinbase Prime custody.
The steadiness has remained roughly secure round 8,300 BTC since no less than early 2026, however the greenback worth has moved sharply within the unsuitable path. In December, when CoinDesk reported on the holdings ahead of the deliberate itemizing, the identical stack was price roughly $780 million at bitcoin’s then value close to $92,500.
By early February, when the SpaceX-xAI merger introduced the place again into focus, it had dropped to round $650 million with bitcoin close to $78,000.
Now it sits round $545 million. That is a $235 million decline in worth over three months with out SpaceX touching a single coin.
Meaning SpaceX’s S-1 will present bitcoin-related paper losses for any interval the place BTC declined, and future quarterly earnings will carry that volatility regardless of whether or not the corporate buys or sells.
The Tesla instance
Tesla gives the closest precedent, and it is not reassuring.
Musk’s automaker has booked a whole lot of hundreds of thousands in paper losses throughout previous drawdowns regardless of by no means altering its place, creating recurring headline danger that overshadowed the underlying enterprise. SpaceX might quickly face the identical dynamic, besides its first disclosure arrives throughout one of bitcoin’s sharpest corrections in years relatively than throughout a rally.
Nonetheless, it is price noting that Tesla reported complete income of $94.8 billion and gross revenue of $17 billion in 2025. So having hundreds of thousands of bitcoin paper losses in its steadiness sheet could not transfer the needle a lot for Elon Musk’s corporations.
SpaceX’s BTC portfolio peaked close to $2 billion in late 2021, crashed by means of 2022, and has spent the previous two years fluctuating between $400 million and $800 million.
As such, SpaceX has proven no inclination to commerce its place. In contrast to Tesla, which offered and repurchased bitcoin, the Arkham knowledge suggests SpaceX has merely held by means of each cycle.
