SpaceX has retained its Bitcoin holdings for several years without providing much clarity to public market investors, but that might change soon.
According to a report, Elon Musk’s aerospace and satellite company plans to file for a confidential IPO with the SEC as early as March. It’s anticipated to be their largest listing yet, aiming to bring in up to $50 billion and achieve a valuation exceeding $1.75 trillion—potentially eclipsing Saudi Aramco’s record from 2019 of $29 billion.
Within that filing, there will be 8,285 Bitcoins accounted for.
Data from Arkham shows that SpaceX’s wallet holds about $544.8 million in Bitcoin as of Saturday, spread across 43 addresses under the management of Coinbase Prime.
While the number of Bitcoins has remained fairly steady around 8,300 since early 2026, the dollar value has dropped significantly. Back in December, when CoinDesk highlighted these holdings before the anticipated IPO, the same amount was valued at around $780 million, given Bitcoin’s price at the time of nearly $92,500.
By early February, as discussions about a merger between SpaceX and xAI brought attention back to their positions, the Bitcoin price had dipped to around $78,000, lowering the total value to about $650 million.
Currently, with a valuation of roughly $545 million, this suggests SpaceX would have witnessed a paper loss of $235 million over the past three months if they hadn’t sold any coins.
This indicates that SpaceX’s S-1 filing will reflect Bitcoin’s decline, influencing its reported quarterly earnings regardless of buying or selling activity.
Reference to Tesla
Tesla serves as a relevant example, but it doesn’t provide much comfort.
The automaker, also led by Musk, has recorded hundreds of millions in paper losses during Bitcoin market downturns, despite maintaining its holdings. This has raised concerns about the stability of its core business. SpaceX may soon be in a similar boat, with its first disclosure arriving during a significant market correction instead of a growth phase.
However, it’s important to note that Tesla projected total revenue of $94.8 billion and a gross profit of $17 billion in 2025. So having substantial paper losses tied to Bitcoin might not greatly impact Musk’s enterprises.
At the end of 2021, SpaceX’s Bitcoin portfolio was close to $2 billion but fell considerably in 2022, fluctuating between $400 million and $800 million in the two years since.
Unlike Tesla, which has actively bought and sold Bitcoin, SpaceX appears determined to ride out the cycle without changes to its holdings, as suggested by Arkham’s data.
