SpaceX’s identified bitcoin holdings are now worth about $544.8 million, based on a stash of 8,285 BTC. If the company moves ahead with a public listing, that position would likely appear in formal disclosures for public market investors for the first time.
Bloomberg reported late Friday that Elon Musk’s rocket and satellite company is aiming for a confidential filing with the U.S. Securities and Exchange Commission as soon as March, with a June listing still in view. The report said SpaceX could seek a valuation above $1.75 trillion and raise as much as $50 billion, a figure that would top Saudi Aramco’s $29 billion record deal from 2019.
The bitcoin position has stayed steady, but the dollar value has not
Arkham Intelligence data shows the company’s identified BTC is spread across 43 addresses under Coinbase Prime custody. The coin balance has remained close to 8,300 BTC since at least early 2026. The market value, though, has moved sharply lower as bitcoin retreated.
Back in December, when CoinDesk reported on the holdings ahead of the planned listing, the same position was worth about $780 million with bitcoin trading near $92,500. By early February, as the SpaceX-xAI merger pushed the holdings back into focus, the value had dropped to around $650 million with BTC near $78,000. At today’s level, the stack sits near $544.8 million, leaving SpaceX with a decline of roughly $235 million over three months without selling a single coin.
IPO disclosures may highlight bitcoin-related paper losses
That sets up a clear accounting issue for the company’s future S-1. Any reporting period that captures a BTC drawdown could show bitcoin-related paper losses, even if SpaceX does nothing with the position. Once public, quarterly results could continue to reflect that volatility regardless of whether the company buys or sells.
Tesla is the closest comparison. Musk’s carmaker has previously recorded hundreds of millions of dollars in paper losses during bitcoin selloffs while leaving its holdings unchanged, creating recurring headlines that competed with the core business story. SpaceX could run into the same pattern, and its first major disclosure may arrive during one of bitcoin’s sharpest corrections in recent years rather than during a rally.
SpaceX appears to have held through multiple market cycles
The article notes that SpaceX’s BTC portfolio was worth nearly $2 billion in late 2021, then fell hard through 2022 before fluctuating between roughly $400 million and $800 million over the past two years. Unlike Tesla, which sold and later repurchased bitcoin, Arkham’s data suggests SpaceX has largely held its position through the entire cycle.
There is also a scale question. Tesla reported $94.8 billion in total revenue and $17 billion in gross profit in 2025, which suggests bitcoin paper losses in the hundreds of millions may not materially change the broader picture for Musk-led companies. For SpaceX, though, the BTC position is set to become one of the most closely watched items in any upcoming IPO paperwork.