SpaceX has 8,285 BTC worth $603 million in Coinbase Prime custody, while reporting a loss of nearly $5 billion by 2025, according to data from Arkham Intelligence and a report from The Information published late Friday.
The loss marks a sharp turnaround from the previous year, when SpaceX generated about $8 billion in profits on revenue estimated between $15 billion and $16 billion.
Revenue grew to $18.5 billion in 2025, but the integration of xAI, Elon Musk’s artificial intelligence company acquired in February, pushed costs beyond the top line.
Despite these losses, there is no change in the company’s bitcoin position. Transfer history analyzed by CoinDesk shows that the last significant movement was an internal rebalancing about four months ago, with 614 BTC and 1,021 BTC moving between SpaceX’s own wallets.
The balance history chart shows that the holdings have remained stable since mid-2024 after reaching a peak value of over $1.6 billion during the all-time high in October 2025.
For a company that just posted a $5 billion loss and is actively pursuing an initial public offering (IPO), holding $603 million in a volatile asset instead of liquidating it to improve the balance sheet is a statement of how Musk (or everyone else) views bitcoin as a treasury asset.
SpaceX’s position is now the fourth-largest known corporate bitcoin holding behind Strategy, Marathon Digital, and Riot Platforms.
CoinDesk reported last month that SpaceX had filed for an IPO that would reveal bitcoin’s position in public filings for the first time, potentially forcing a fair value accounting decision under new FASB rules that take effect in late 2025.
