SpaceX officially confirmed plans to go public on Wednesday, setting the stage for what could be the largest initial public offering in history and potentially pushing CEO Elon Musk toward becoming the world’s first trillionaire.
The rocket and satellite internet company filed its S-1 filing with the US Securities and Exchange Commission, giving investors their first detailed look inside one of the world’s most valuable private companies ahead of a planned IPO expected next month.
SpaceX had per March 31 18,712 bitcoin on its balance sheet at a fair value of $1.29 billion, according to the filing. Those holdings would be worth closer to $1.45 billion today, with bitcoin trading just above $77,000.
The holding places the company among a small group of major corporations with significant bitcoin holdings. Musk’s other company, Tesla, has 11,509 bitcoin on its balance sheet, according to BitcoinTreasuries data. Michael Saylor’s strategy currently has the largest with 843,738 bitcoin.
SpaceX is reportedly seeking a valuation of more than $1.5 trillion, with reports of a potential $2 trillion valuation. If successful, the company will immediately rank among the 10 most valuable listed companies in the world, along with Apple, Microsoft and Nvidia.
If it hits the upper end of the valuation, the IPO could also surpass Saudi Aramco’s 2020 debut as the biggest IPO ever. The Saudi oil giant raised $29.4 billion from investors in its public offering, valuing it at about $1.7 trillion.
Investor interest is expected to be strong due to SpaceX’s dominant position in both commercial rockets and satellite internet through its Starlink business. The company has built a large lead over competitors with reusable launch systems and a rapidly expanding global satellite network.
The S-1 filing provides a rare look at SpaceX’s financials, including revenue growth, capital expenditures, legal risks and ownership structure. Investors had closely watched the filing for clues about how much voting power Musk would retain after the company went public. The company had 2025 revenue of $18.7 billion, up from $14 billion in 2024, according to the filing.
Musk already controls Tesla, xAI, and social media platform X, making SpaceX one of the most anticipated tech listings in years. For SpaceX, Musk will be its CEO, Chief Technical Officer and Chairman of the Board.
The IPO will also mark another milestone in bitcoin adoption in corporate finance as major tech companies continue to add digital assets to their balance sheets.
