SpaceX is working on a stock market listing that could value the company at around $1.5 trillion, making it the largest public market offering by that metric, according to Bloomberg.
If that happens, investors won’t just buy rockets and satellites. They will also buy a company that owns thousands of bitcoins and has already used dogecoin to finance a mission to the Moon.
A Bloomberg report late Tuesday said the Elon Musk-led company is moving forward with plans for an initial public offering that would seek to raise “significantly more than $30 billion,” aiming for a valuation in the region of $1.5 trillion and a listing in mid-to-late 2026.
At that scale, even small balance sheet allocations matter.
Arkham Intelligence, a blockchain analysis company that tracks identified entities, shows a group of wallets called “SpaceX” containing around 3,991 BTC, worth around $369 million at a bitcoin price of around $92,500.
The addresses are labeled as being held through Coinbase Prime custody, and the balance history graph indicates that the holding has fluctuated in recent years: rising sharply during the 2021-2022 bull market, then falling, and then rebuilding through 2024 and 2025.
In Arkham’s view, the recent transfers show large internal movements in the base layer of bitcoin, with two transactions of just over 1,000 BTC each in the last week, along with smaller flows between Coinbase Prime and addresses in the cluster.
It’s worth noting that these transfers could be internal transfers, as opposed to purchases or sales.
While the deal is still more than a year away and dependent on market conditions, Musk’s proximity to cryptocurrencies continues to amplify each development.
Musk’s influence on dogecoin is well documented, from posting market-moving memes to SpaceX accepting the token for its DOGE-1 lunar mission.
His companies were among the first to institutionally adopt bitcoin, with renewable energy technology company Tesla reporting more than 11,000 BTC holdings on its balance sheet.
A SpaceX IPO would give it fresh capital for the expansion of Starlink and chip-heavy space data centers, potentially expanding its influence in sectors that intersect with both artificial intelligence and crypto infrastructure.
Meanwhile, early data from prediction market Polymarket shows growing confidence that SpaceX’s IPO valuation could surpass $1 trillion, with traders assigning a 67% chance of the market cap surpassing the benchmark early on Wednesday.
