SpaceX has held bitcoin for years without ever having to explain why to the public market investors. That is about to change.
Bloomberg reported late Friday that Elon Musk’s rocket and satellite company is aiming for a confidential initial public offering with the SEC as soon as March, keeping it on track for a June IPO that would be the largest in history. The company is expected to seek a valuation above $1.75 trillion and raise as much as $50 billion, eclipsing Saudi Aramco’s 2019 record of $29 billion.
Buried inside that file will be 8,285 bitcoin.
Arkham Intelligence data shows that SpaceX’s identified wallets held about $544.8 million in BTC as of Saturday morning, spread across 43 addresses in Coinbase Prime’s custody.
The balance has been fairly stable around 8,300 BTC since at least early 2026, but the dollar value has moved sharply in the wrong direction. In December, when CoinDesk reported on the holdings ahead of the planned IPO, the same stake was worth about $780 million at bitcoin’s then-price near $92,500.
By early February, when the SpaceX-xAI merger brought the position back into focus, it had fallen to around $650 million with bitcoin close to $78,000.
Now it stands at around 545 million dollars. That’s a $235 million drop in value over three months without SpaceX touching a single coin.
This means that SpaceX’s S-1 will show bitcoin-related paper losses in any period in which BTC fell, and future quarterly earnings will bear that volatility regardless of whether the company buys or sells.
The Tesla example
Tesla offers the closest precedent, and it’s not reassuring.
Musk’s automaker has posted hundreds of millions in paper losses during previous moves despite never changing its position, creating a recurring headline risk that overshadowed the underlying business. SpaceX may soon face the same dynamic, except its initial disclosure arrives during one of bitcoin’s sharpest corrections in years rather than during a rally.
However, it’s worth noting that Tesla reported total revenue of $94.8 billion and gross profit of $17 billion by 2025. So having millions of bitcoin paper losses on the balance sheet might not move the needle much for Elon Musk’s companies.
SpaceX’s BTC portfolio peaked near $2 billion in late 2021, crashed through 2022, and has spent the last two years fluctuating between $400 million and $800 million.
As such, SpaceX has shown no inclination to trade its position. Unlike Tesla, which sold and bought back bitcoin, the Arkham data suggests that SpaceX has simply persevered through each cycle.
