SpaceX, the aerospace company founded by Elon Musk, is reportedly preparing for a confidential initial public offering (IPO) filing with the U.S. Securities and Exchange Commission (SEC), potentially setting the stage for a historic June listing. The company aims for a valuation exceeding $1.75 trillion and plans to raise up to $50 billion, surpassing the previous record set by Saudi Aramco in 2019.
As part of this IPO, SpaceX’s financial disclosures will reveal its holdings of approximately 8,285 bitcoins, currently valued at about $545 million. This represents a significant decline of $235 million over the past three months, attributed to fluctuations in bitcoin’s market price. The company’s bitcoin assets are held in Coinbase Prime custody across 43 different wallets.
SpaceX’s bitcoin holdings have remained relatively stable in quantity, hovering around 8,300 BTC since early 2026. However, the value of these assets has seen considerable volatility. In December 2025, the same amount of bitcoin was valued at approximately $780 million, reflecting a price of nearly $92,500 per bitcoin. By February 2026, following the merger between SpaceX and xAI, the valuation had decreased to around $650 million, with bitcoin trading near $78,000.
The current valuation of $545 million indicates that SpaceX has not engaged in any trading of its bitcoin assets, leading to paper losses that will be documented in its S-1 filing. This situation mirrors the experience of Tesla, which has faced substantial paper losses during market downturns despite maintaining its bitcoin position. Tesla’s financial disclosures have often highlighted these losses, creating a recurring narrative that has overshadowed its core business performance.
In 2025, Tesla reported total revenues of $94.8 billion and a gross profit of $17 billion, suggesting that fluctuations in bitcoin valuation may not significantly impact the overall financial health of Musk’s companies. SpaceX’s bitcoin portfolio reached a peak valuation of nearly $2 billion in late 2021, but has since experienced a decline, fluctuating between $400 million and $800 million over the past two years.
Unlike Tesla, which has actively traded its bitcoin holdings, Arkham Intelligence data indicates that SpaceX has maintained its position throughout various market cycles without selling any of its assets.
In related market activity, cryptocurrencies have shown signs of recovery, with bitcoin climbing about 5% to $66,843 after dipping below $64,000 amid geopolitical tensions. Other major tokens, including Solana and Ether, have also experienced gains, although the overall market remains sensitive to external factors such as liquidity and movements in traditional financial markets.
SpaceX is set to file for an IPO, revealing its bitcoin holdings valued at $545 million, down $235 million in three months. The company's stable BTC quantity contrasts with significant market volatility, echoing Tesla's past experiences with bitcoin fluctuations.