SpaceX is currently holding 8,285 BTC valued at approximately $603 million in Coinbase Prime, according to data from Arkham Intelligence and a report by The Information. This comes as the company announces a substantial loss of nearly $5 billion for the fiscal year 2025, a stark contrast to the $8 billion profit reported in the previous year.
Despite an increase in revenue to $18.5 billion in 2025, the integration of xAI, an artificial intelligence venture acquired by Elon Musk in February, resulted in costs that surpassed the revenue growth. The previous year saw revenues estimated between $15 billion and $16 billion, highlighting a significant shift in financial performance.
Analysis of transfer history by CoinDesk indicates that SpaceX has not altered its bitcoin holdings despite the financial downturn. The last notable transaction occurred approximately four months ago, involving an internal reallocation of 614 BTC and 1,021 BTC between the company’s wallets. Since mid-2024, the bitcoin balance has remained stable after reaching a peak value exceeding $1.6 billion during the market high in October 2025.
For a company facing a $5 billion loss while preparing for an initial public offering (IPO), maintaining a substantial investment in a volatile asset like bitcoin suggests a strategic decision by Musk and the company regarding the asset’s value as a treasury reserve. SpaceX’s bitcoin holdings rank as the fourth-largest among known corporate holdings, trailing only behind Strategy, Marathon Digital, and Riot Platforms.
Recent reports indicate that SpaceX has filed for an IPO, which will require the company to disclose its bitcoin position publicly for the first time. This disclosure may necessitate a fair-value accounting assessment under new Financial Accounting Standards Board (FASB) regulations that took effect in late 2025.
In related news, on-chain data suggests a reduction in selling pressure within the bitcoin market. Realized losses have decreased to approximately $400 million per day from earlier peaks of $2 billion, indicating a shift towards net buying in spot markets. The profit-to-loss ratio has improved to 1.4, showing that realized profits now exceed losses as market conditions stabilize.
SpaceX's significant financial loss for 2025 contrasts sharply with its previous year's profit, while the company maintains substantial bitcoin holdings. As it prepares for an IPO, the implications of its cryptocurrency position may become clearer under new accounting standards.