SpaceX formally filed its S-1 registration assertion with the U.S. Securities and Alternate Fee on Wednesday, giving buyers their first detailed look inside one of many world’s most beneficial personal corporations forward of a deliberate IPO anticipated subsequent month.
Buried within the submitting was a notable disclosure: SpaceX held 18,712 BTC on its steadiness sheet as of March 31, acknowledged at a good worth of $1.29 billion.
What the submitting revealed
The full price foundation of SpaceX’s bitcoin holdings was reported at $661 million, implying a mean acquisition value of roughly $35,324 per coin.
At present costs, these holdings could be price roughly $1.45 billion.
The submitting said:
“The Firm has possession of and management over its digital belongings, which include Bitcoin, and makes use of, and expects to proceed to make the most of third-party custodians to carry its Bitcoin.”
This locations SpaceX amongst a small group of main companies with important bitcoin on their books.
Musk’s different firm, Tesla, holds 11,509 BTC in response to on-chain knowledge, whereas Technique stays the biggest company holder with 843,738 BTC.
The IPO itself
SpaceX is reportedly looking for a valuation of greater than $1.5 trillion, with some experiences floating a determine as excessive as $2 trillion.
If profitable, the itemizing would rank SpaceX among the many 10 most beneficial publicly traded corporations on the planet, alongside Apple, Microsoft, and Nvidia.
It may additionally surpass Saudi Aramco’s 2020 debut as the biggest IPO ever, which raised $29.4 billion at a valuation of roughly $1.7 trillion.
SpaceX posted 2025 income of $18.7 billion, up from $14 billion in 2024, and recognized AI mixed with its different enterprise strains as potential “trillion-dollar market alternatives.”
Liquidity considerations for bitcoin
The SpaceX IPO isn’t the one huge itemizing on the horizon.
OpenAI and Anthropic, two of the biggest AI corporations, are additionally eyeing public debuts across the similar interval.
If all three hit the market in the same timeframe, analysts warn that buyers may rotate capital away from risk-on belongings like bitcoin and crypto into these choices, probably draining liquidity from digital asset markets.