SpaceX has held bitcoin for years with out ever having to clarify why to the general public market buyers. That is about to vary.
Bloomberg reported late Friday that Elon Musk’s rocket and satellite tv for pc firm is concentrating on a confidential IPO submitting with the SEC as quickly as March, conserving it on monitor for a June itemizing that will be the biggest in historical past. The corporate is anticipated to hunt a valuation above $1.75 trillion and lift as a lot as $50 billion, eclipsing Saudi Aramco’s 2019 report of $29 billion.
Buried inside that submitting can be 8,285 bitcoin.
Arkham Intelligence knowledge reveals SpaceX’s recognized wallets held about $544.8 million in BTC as of Saturday morning, unfold throughout 43 addresses in Coinbase Prime custody.
The stability has remained roughly steady round 8,300 BTC since at the very least early 2026, however the greenback worth has moved sharply within the unsuitable path. In December, when CoinDesk reported on the holdings forward 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 no matter whether or not the corporate buys or sells.
The Tesla instance
Tesla presents 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 may quickly face the identical dynamic, besides its first disclosure arrives throughout certainly one of bitcoin’s sharpest corrections in years reasonably than throughout a rally.
Nevertheless, it is price noting that Tesla reported whole income of $94.8 billion and gross revenue of $17 billion in 2025. So having hundreds of thousands of bitcoin paper losses in its stability sheet might not transfer the needle a lot for Elon Musk’s firms.
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. Not like Tesla, which bought and repurchased bitcoin, the Arkham knowledge suggests SpaceX has merely held by means of each cycle.