Summary :

SpaceX is reportedly preparing a confidential IPO filing as soon as March, targeting a June listing that could value the company above $1.75 trillion and raise up to $50 billion.
The company holds about 8,285 bitcoin in Coinbase Prime custody, now worth roughly $562 million after a $235 million decline in value over the past three months.
Once public, SpaceX's S-1 filing and quarterly earnings will expose investors to bitcoin-driven paper gains and losses.
The situation echoes Tesla's past experience with crypto volatility, though SpaceX appears to have held its BTC position steady through market cycles.

SpaceX has quietly held bitcoin for years and that may soon become front-and-center for everyone. According to a Bloomberg report, Elon Musk's rocket and satellite company is preparing a confidential IPO filing with the SEC as early as March. The goal is a June listing that could value the firm at more than $1.75 trillion and raise as much as $50 billion and potentially surpass Saudi Aramco's 2019 record $29 billion offering.

Data from Arkham Intelligence shows identified SpaceX wallets holding approximately $562 million worth of BTC as of Monday morning. The holdings are spread across 43 addresses in Coinbase Prime custody. The coin count has remained remarkably steady - hovering around 8,300 BTC since at least early 2026. What has changed is the dollar value. Three months ago, that stack was worth roughly $780 million. By early February, when the SpaceX-xAI merger discussions brought fresh attention to the position, its value had dropped to around $650 million with bitcoin trading near $78,000. Now the holdings sit at approximately $562 million.

Source

That represents a $218 million decline in value over three months and without SpaceX selling a single coin. For a private company, that kind of fluctuation is largely eye catching. For a public company filing an S-1 registration statement, it becomes a line item investors will examine closely.

Paper Losses, Public review and Market Volatility

Once SpaceX goes public, bitcoin's price swings will flow directly into its financial reporting. An S-1 filing requires detailed disclosure of assets, risks and financial performance. That means investors will see bitcoin-related paper gains when BTC rises and paper losses when it falls - regardless of whether SpaceX actually trades its holdings. This dynamic mirrors what happened at Tesla, another Musk-led company that previously purchased bitcoin. Tesla's crypto exposure introduced balance sheet volatility and headline risk whenever bitcoin prices moved sharply. However, it's worth keeping scale in perspective. Tesla reported total revenue of $94.8 billion and gross profit of $17 billion in 2025. Against numbers of that magnitude, even sizable bitcoin paper swings may not dramatically alter the broader financial picture. For SpaceX, which is expected to seek a valuation north of $1.75 trillion, a $218 million mark-to-market decline is meaningful but not existential. Still, public market investors often react strongly to volatility tied to crypto exposure, especially during broader market uncertainty.

SpaceX's bitcoin portfolio tells a familiar story to long-term crypto observers. The holdings peaked near $2 billion in late 2021 during the previous bull market. Through 2022's downturn, the value plunged along with the broader crypto market. Over the past two years, it has fluctuated between roughly $400 million and $800 million. Unlike Tesla, which at times sold and later repurchased portions of its bitcoin, Arkham's blockchain data suggests SpaceX has largely held its position steady through each market cycle. That steady approach now sets the stage for how public investors may interpret SpaceX's crypto exposure as a balance sheet asset subject to market forces.

What This Means Ahead of the IPO

Bitcoin's price has cooled from recent highs, meaning SpaceX will likely enter the public markets with its crypto holdings marked below previous peaks. If BTC rebounds, those same holdings could quickly move from paper losses to gains. That possibility introduces an unusual layer to what is already shaping up to be one of the largest IPOs in history. Institutional investors evaluating SpaceX will primarily focus on launch cadence, Starlink growth, defense contracts and long-term space infrastructure ambitions. Right now, a trillion-dollar aerospace company openly carrying thousands of bitcoin on its balance sheet reinforces how digital assets have moved beyond startups and into mainstream corporate finance. At the same time, the volatility cuts both ways. Like If bitcoin rallies, SpaceX's earnings statements could reflect substantial non-operating gains. If BTC declines, reported losses may generate headlines despite having no impact on core business operations. The bigger picture is that SpaceX has held bitcoin for years without ever having to explain why to public investors.