SpaceX has held bitcoin for years without 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 aims to file a confidential initial public offering 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 seek a valuation above $1.75 trillion and raise up to $50 billion, eclipsing Saudi Aramco’s 2019 record of $29 billion.
Buried within that file will be 8,285 bitcoins.
Data from Arkham Intelligence shows that identified SpaceX wallets contained around $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 holdings ahead of the planned listing, the same stack was worth about $780 million at bitcoin’s price at the time near $92,500.
By early February, when the SpaceX-xAI merger brought focus back to the position, it had fallen to around $650 million and bitcoin was approaching $78,000.
It is now around $545 million. That’s a $235 million decline in value in three months without SpaceX touching a single coin.
That means SpaceX’s S-1 will show bitcoin-related paper losses for any period in which BTC has declined, and future quarterly earnings will have that volatility regardless of whether the company buys or sells.
The Tesla example
Tesla offers the closest precedent and it is not reassuring.
Musk’s automaker has posted hundreds of millions in paper losses during previous reductions despite never changing its position, creating a recurring risk that overshadowed the underlying business. SpaceX could soon face the same dynamic, except its first disclosure comes during one of bitcoin’s steepest corrections in years and not a rally.
However, it is worth noting that Tesla reported total revenue of $94.8 billion and gross profits of $17 billion in 2025. Therefore, having millions of paper bitcoin losses on its balance sheet may not affect Elon Musk’s companies much.
SpaceX’s BTC portfolio peaked near $2 billion in late 2021, plummeted through 2022, and has spent the last two years fluctuating between $400 million and $800 million.
As such, SpaceX has shown no inclination to change its position. Unlike Tesla, which sold and bought back bitcoin, Arkham’s data suggests SpaceX has simply held on through each cycle.
