According to data from Arkham Intelligence and a report by The Information released late Friday, SpaceX currently holds 8,285 $BTC, valued at $603 million, in custody with Coinbase Prime. This comes as the company reports a staggering loss of nearly $5 billion for the year 2025.
This financial downturn is a stark contrast to the previous year when SpaceX recorded approximately $8 billion in profits on revenues estimated between $15 billion and $16 billion.
Although revenue climbed to $18.5 billion in 2025, expenses surged due to the integration of xAI, Elon Musk’s artificial intelligence initiative acquired earlier this year.
Despite these significant losses, there have been no alterations to SpaceX’s bitcoin holdings. An analysis of transfer history by CoinDesk indicates that the last major transaction occurred about four months ago when an internal reallocation involved moving 614 $BTC and another batch of 1,021 $BTC between its own wallets.
The historical balance chart reveals that these holdings have remained consistent since mid-2024 after reaching a peak value exceeding $1.6 billion during Bitcoin’s all-time high in October 2025.
For a company facing such substantial losses while simultaneously preparing for an IPO, maintaining a stake worth $603 million in such a volatile asset rather than liquidating it for balance sheet improvement suggests Musk (or broader management) views bitcoin as an essential treasury asset.
This positions SpaceX as having the fourth-largest known corporate bitcoin holding globally, following Strategy, Marathon Digital Holdings Inc., and Riot Platforms Inc.
A report from CoinDesk last month indicated that SpaceX has filed for an IPO which will publicly disclose its bitcoin position for the first time. This move could necessitate adherence to fair-value accounting standards under new FASB regulations implemented at the end of 2025.