SpaceX is sitting on 8,285 BTC worth $603 million in Coinbase Prime custody while reporting a loss of nearly $5 billion for 2025, according to Arkham Intelligence data and a report from The Information published late Friday.
The loss marks a sharp turnaround from a year earlier, when SpaceX generated about $8 billion in profit on revenue estimated at between $15 billion and $16 billion.
Revenue grew to $18.5 billion by 2025, but the integration of xAI, Elon Musk’s venture into artificial intelligence acquired in February, drove costs past the top line.
There are no changes to the company’s bitcoin position despite these losses. Transfer history analyzed by CoinDesk shows that the last significant movement was an internal rebalance about four months ago, when 614 BTC and 1,021 BTC moved between SpaceX’s own wallets.
The balance sheet history chart shows that holdings have been stable since mid-2024 after peaking above $1.6 billion in value during the October 2025 peak.
For a company that just posted a $5 billion loss and is actively pursuing an IPO, holding onto $603 million in a volatile asset instead of liquidating it to improve the balance sheet is a statement of how Musk (or broad) sees bitcoin as a financial asset.
SpaceX’s position is now the fourth largest known company’s bitcoin holdings behind Strategy, Marathon Digital and Riot Platforms.
CoinDesk reported last month that SpaceX had filed for an IPO that would disclose the bitcoin position in public filings for the first time, potentially forcing a fair value accounting decision under new FASB rules that took effect in late 2025.
