SpaceX has held Bitcoin for years without ever having to explain why to public market investors. That’s about to change.
Bloomberg reported late Friday that Elon Musk’s rocket and satellite company is targeting a confidential IPO filing with the SEC as early as March, keeping it on track for a June listing that would be the largest in history. The company is expected to target a valuation above $1.75 trillion and raise up to $50 billion, eclipsing Saudi Aramco’s 2019 record of $29 billion.
This folder contains 8,285 bitcoins.
Data from Arkham Intelligence shows that identified SpaceX wallets held approximately $544.8 million in BTC as of Saturday morning, spread across 43 addresses in the custody of Coinbase Prime.
The balance has remained roughly stable around 8,300 BTC since at least early 2026, but the value of the dollar has moved sharply in the wrong direction. In December, when CoinDesk reported the holdings ahead of the scheduled listing, the same stack was worth about $780 million at bitcoin’s price then near $92,500.
By early February, when the SpaceX-xAI merger brought the position back to prominence, it had fallen to around $650 million, with bitcoin approaching $78,000.
It now stands at around $545 million. That’s a $235 million drop in value over three months without SpaceX touching a single coin.
This means that SpaceX’s S-1 will show Bitcoin-related paper losses for any period of BTC decline, and future quarterly earnings will support this volatility, whether the company buys or sells.
The example of Tesla
Tesla offers the closest precedent, and it’s not reassuring.
Musk’s automaker has recorded hundreds of millions in paper losses in past withdrawals, although it has never changed its position, creating a recurring overall risk that has eclipsed the underlying business. SpaceX may soon face the same dynamic, except its first disclosure comes during one of Bitcoin’s strongest corrections in years rather than a rally.
However, it is worth noting that Tesla reported total revenue of $94.8 billion and gross profit of $17 billion in 2025. So, having millions of Bitcoin paper losses on its balance sheet may not shake things up much for Elon Musk’s companies.
SpaceX’s BTC portfolio peaked at nearly $2 billion in late 2021, crashed through 2022, and spent the last two years fluctuating between $400 million and $800 million.
As such, SpaceX has shown no desire to change its position. Unlike Tesla, which sold and repurchased Bitcoin, Arkham’s data suggests that SpaceX simply held on through each cycle.
