SpaceX has maintained its bitcoin holdings for several years without providing any explanations to public investors. This situation is about to change.
According to a Bloomberg report released late Friday, Elon Musk’s aerospace and satellite company plans to submit a confidential IPO registration with the SEC as early as March. This move aims for a June public offering that could become the largest in history. The company is anticipated to pursue a valuation exceeding $1.75 trillion and hopes to raise up to $50 billion, surpassing Saudi Aramco’s 2019 record of $29 billion.
Within this filing, it will be revealed that SpaceX holds 8,285 bitcoins.
Data from Arkham Intelligence indicates that SpaceX’s known wallets contained approximately $544.8 million worth of $BTC as of Saturday morning, distributed across 43 addresses under Coinbase Prime custody.
The bitcoin balance has remained fairly consistent at around 8,300 coins since early 2026; however, its dollar value has experienced significant declines. In December—when CoinDesk first reported on these holdings prior to the planned IPO—the portfolio was valued near $780 million based on bitcoin prices close to $92,500 per coin.
By early February—when attention returned due to the SpaceX-xAI merger—the valuation had dropped roughly to $650 million with bitcoin trading near $78,000.
Currently, it stands at about $545 million—a decrease of approximately $235 million over three months without any transactions made by SpaceX involving these bitcoins.
This means that in its S-1 filing and subsequent quarterly reports, SpaceX will have to account for unrealized losses tied directly to fluctuations in $BTC. Such volatility will impact earnings statements regardless of whether new purchases or sales occur.
The Tesla Comparison
Tesla provides the most relevant example—and it offers little reassurance.
Musk’s electric car manufacturer recorded hundreds of millions in paper losses during previous market downturns despite holding steady on their bitcoin position. These recurring headline risks often overshadowed Tesla’s core business performance. Similarly, SpaceX might encounter comparable challenges but faces disclosure amid one of Bitcoin’s steepest corrections in recent memory rather than during an upswing.
Nonetheless, it’s important to highlight Tesla posted total revenues reaching $94.8 billion and gross profits amounting to $17 billion in 2025 alone—meaning temporary paper losses related specifically to cryptocurrency may not significantly affect Musk’s broader corporate empire financially.
The value of SpaceX’s $BTC assets peaked near two billion dollars toward late 2021 before plunging throughout 2022 and subsequently oscillating between four hundred million and eight hundred million dollars over the past couple years.
This pattern suggests no intention from SpaceX management either to liquidate or actively trade their crypto stash—in contrast with Tesla which sold off some holdings only later repurchasing them again according to Arkham Intelligence data showing consistent retention through every market cycle so far.
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