SpaceX controls approximately 8,285 bitcoin held in custody with Coinbase Prime, a stash now valued at about $545 million after losing roughly $235 million in paper value over the past three months.
For years, the rocket and satellite manufacturer has been able to hold bitcoin without disclosing much detail to public market investors. That is set to change.
A report from Bloomberg late Friday said the Elon Musk-led company is preparing a confidential IPO filing with the SEC as early as March, potentially paving the way for a June listing that could rank among the largest in history. SpaceX is reportedly seeking a valuation above $1.75 trillion and could aim to raise as much as $50 billion — topping the $29 billion raised in the 2019 debut of Saudi Aramco.
Tucked inside that filing will be its bitcoin position.
According to Arkham Intelligence, wallets attributed to SpaceX held roughly $544.8 million in BTC as of Saturday morning, spread across 43 addresses under Coinbase Prime custody. The number of coins has remained largely unchanged at around 8,300 BTC since early 2026, but their dollar value has swung significantly alongside bitcoin’s price.
In December, when CoinDesk first highlighted the holdings ahead of the planned listing, the same stack was worth close to $780 million, with bitcoin trading near $92,500. By early February — when the SpaceX-xAI merger brought renewed attention to the position — its value had dropped to around $650 million as BTC hovered near $78,000.
At current levels near $545 million, the company is staring at an unrealized decline of about $235 million in just three months, despite not selling any of its holdings.
Once SpaceX goes public, that volatility will become more visible. Its S-1 filing will reflect bitcoin-related paper losses during any reporting period in which BTC declines, and future earnings statements will carry mark-to-market swings regardless of trading activity.
The closest comparison is Tesla, another Musk-led company. Tesla has previously recorded substantial unrealized losses during bitcoin downturns, even when it maintained its core position. Those accounting impacts often generated outsized headlines relative to the company’s broader operations. SpaceX could face similar scrutiny — particularly if its first public disclosures arrive during a period of crypto weakness rather than strength.
That said, scale matters. Tesla reported $94.8 billion in revenue and $17 billion in gross profit in 2025, suggesting that even large bitcoin markdowns represent a relatively small component of overall performance across Musk’s business empire.
SpaceX’s BTC holdings peaked near $2 billion in late 2021 before falling sharply during the 2022 crypto bear market. Over the past two years, the value of the position has fluctuated between roughly $400 million and $800 million.
Unlike Tesla — which both sold and later re-accumulated portions of its bitcoin — onchain data indicates SpaceX has largely held its entire stack through multiple market cycles, showing little sign of active trading.
