SpaceX Heads Into Historic IPO With a $1.45 Billion Bitcoin Treasury on Its Books

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TL;DR

DirectionBullish — SpaceX holds $1.45 billion in Bitcoin and plans a historic IPO.

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BTC

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Buy the dip

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SpaceX filed its long-awaited S-1 with the Securities and Exchange Commission Wednesday — and it is bringing a substantial Bitcoin position into the public markets. The Elon Musk-led aerospace company holds 18,712 BTC, valued at approximately $1.45 billion, according to the S-1. The coins were purchased at a cost basis of $661 million, or roughly $35,000 per coin — a price Bitcoin last touched in late 2023. That stake makes SpaceX the seventh-largest known corporate Bitcoin holder in the world, ahead of Coinbase. SpaceX is targeting a Nasdaq listing under the ticker SPCX . The company has been valued in private markets at $1.75 trillion, a figure that would place it above Tesla by market capitalization and make it the largest public company to carry Bitcoin on its balance sheet. SpaceX’s Bitcoin journey dates to 2021, when Musk added the cryptocurrency to the company’s financial assets around the same time Tesla made its own $1.5 billion purchase. The company has since trimmed its holdings — Arkham Intelligence tracked the stash as low as 6,095 BTC last year — before the S-1 confirmed a far larger position of 18,712 coins held as of December 31. SpaceX’s bitcoin gains With a cost basis of $35,000 per coin and Bitcoin now trading above $77,000, SpaceX is sitting on paper gains of roughly $789 million. The position represents a small slice of a company that posted $18.7 billion in revenue in 2025, led by Starlink’s $11.39 billion contribution. The IPO introduces new disclosure obligations. Under FASB fair-value accounting rules that took effect in late 2025, SpaceX will report its Bitcoin exposure in quarterly filings, making the position visible to every public market investor. Future financial reports will reflect unrealized gains or losses tied to Bitcoin price swings — the same volatility that led Tesla to sell the bulk of its own holdings in 2022. Tesla, which Musk also leads, disclosed holding more than 11,000 bitcoins in its first-quarter filing, worth close to $900 million at current prices. When SpaceX lists, it will join Tesla on the short roster of public companies that treat Bitcoin as a balance-sheet asset — a cohort still dominated by Strategy Inc., which holds more than 843,000 BTC worth north of $64 billion. The SpaceX S-1 is one of the most anticipated filings in years. For Bitcoin watchers, it is the most significant corporate disclosure of 2026.

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