SpaceX is sitting on roughly 8,285 bitcoin held in custody at Coinbase Prime, a stash currently valued at about $545 million after losing approximately $235 million in market value over the past three months.
The company has quietly held bitcoin for years without needing to publicly justify the position. That dynamic could soon shift.
According to Bloomberg, Elon Musk’s space and satellite venture is preparing a confidential IPO filing with the SEC as early as March, potentially positioning it for a June debut that could rank among the largest listings ever. SpaceX is reportedly seeking a valuation above $1.75 trillion and may aim to raise as much as $50 billion — surpassing the $29 billion raised by Saudi Aramco in its 2019 IPO.
That filing will include disclosure of SpaceX’s bitcoin holdings.
Arkham Intelligence data shows wallets attributed to the company held approximately $544.8 million in BTC as of Saturday morning, spread across 43 Coinbase Prime addresses. While the total balance has remained near 8,300 BTC since early 2026, the dollar value has fluctuated sharply alongside bitcoin’s price.
In December, when CoinDesk first highlighted the holdings ahead of the expected listing, the same stack was worth roughly $780 million, with bitcoin trading near $92,500. By early February — around the time renewed attention followed the SpaceX-xAI merger — the position had fallen to about $650 million as BTC hovered near $78,000.
Now, at around $545 million, the company is facing roughly $235 million in unrealized losses over a three-month period, despite not selling any of its bitcoin.
If SpaceX proceeds with its IPO, that volatility will become part of its public financial profile. Any downturn in bitcoin during a reporting period would translate into paper losses in its filings, and future quarterly earnings would reflect mark-to-market swings regardless of whether the company trades its holdings.
The clearest precedent is Tesla, another Musk-led firm. Tesla has previously reported substantial unrealized bitcoin losses during market drawdowns while largely maintaining its position, generating periodic headline risk that sometimes overshadowed its core operations. SpaceX could encounter a similar dynamic, particularly if its initial public disclosures coincide with a weaker crypto market.
That said, scale may mitigate the impact. Tesla generated $94.8 billion in revenue and $17 billion in gross profit in 2025, suggesting that even significant bitcoin-related markdowns can represent a relatively small portion of overall financial performance within Musk’s broader business portfolio.
Historically, SpaceX’s bitcoin position peaked near $2 billion in late 2021 before falling sharply during the 2022 crypto downturn. Over the past two years, the value has fluctuated between roughly $400 million and $800 million.
Unlike Tesla — which has both reduced and later rebuilt its bitcoin exposure — blockchain data indicates SpaceX has largely maintained a buy-and-hold approach, keeping its entire stack intact through multiple market cycles.
