Musk Bets Big on Bitcoin
SpaceX’s long-awaited S-1 filing with the U.S. Securities and Exchange Commission, made public on Wednesday, has revealed a surprise: Elon Musk’s rocket company is sitting on 18,712 Bitcoin, with a fair value of $1.45 billion as of December 31. These holdings, purchased for $661 million, put SpaceX among the top corporate holders of Bitcoin globally—surpassing even Coinbase in terms of disclosed treasury assets.
The company’s Bitcoin position was acquired at an average cost of roughly $35,000 per coin, according to figures in the filing. While the stash is now worth more than double its purchase price, it remains unchanged since the end of 2024. SpaceX stores its cryptocurrency with third-party custodians rather than managing the coins internally, a detail that may reassure investors wary of operational risk.
SpaceX first added Bitcoin to its balance sheet during the pandemic-era boom, initially acquiring 25,724 BTC before reducing its holdings to the current 18,712 coins.
On paper, SpaceX booked a $955 million gain from its Bitcoin holdings in 2024, but the following year saw an unrealized loss of $112 million as crypto markets cooled.
SpaceX Swings From Crypto Gains to Losses
The timing of SpaceX’s crypto disclosures comes as Bitcoin itself has faced turbulence. In 2025, while SpaceX’s Bitcoin position dipped by $112 million in unrealized losses, another digital asset—Hyperliquid’s HYPE token—soared over 100% year-to-date to reach $57.40. By contrast, Bitcoin itself was down 12% over the same period.
Despite the volatility, SpaceX did not sell any of its Bitcoin during this period. The company initially added a much larger sum—25,724 BTC—during the pandemic-era crypto boom but later reduced its exposure to the current level. It’s unclear whether further changes to this position are planned ahead of or after the IPO.
Tesla, another Musk-led company, holds 11,509 Bitcoin on its own balance sheet—significantly less than SpaceX’s stash.
Dual-Class Shares Keep Musk in Control
Beyond its crypto holdings, SpaceX’s IPO structure underscores Elon Musk’s intent to maintain control over his space and AI ambitions. The company will issue Class A shares—each carrying one vote—to public investors and Class B shares—with ten votes each—to Musk himself. This dual-class setup means that even after listing on Nasdaq under ticker SPCX on June 12, Musk will retain outsized voting power.
Goldman Sachs, Morgan Stanley, Bank of America, Citi, and JPMorgan are named as lead underwriters for the offering. The IPO aims to raise $80 billion at a valuation of $1.75 trillion—a figure that cements SpaceX as one of the most valuable private companies ever to attempt a public listing.
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Starlink Powers Nearly Half of Revenue
Financial disclosures in the S-1 show that Starlink—the satellite internet division—now accounts for roughly 45% of SpaceX’s total revenue. In 2025 alone, Starlink generated approximately $11.39 billion out of $18.7 billion in total company revenue.
However, these topline numbers come with significant losses elsewhere: SpaceX reported a $2.59 billion operating loss for 2025, driven largely by a $6.36 billion deficit in its AI segment and nearly $3 billion spent on Starship research and development.
As reported by decrypt.co, SpaceX’s S-1 filing also assigns a fixed price per share—$42.40—for stock issued during its EchoStar spectrum acquisition deal earlier this year.
Areas to watch closely
If SpaceX’s Nasdaq listing under ticker SPCX proceeds as scheduled on June 12, immediate attention will focus on any disclosures or actions regarding its 18,712 BTC position, which remains unchanged since December 31 and is valued at $1.45 billion; any sale or retention of these holdings at IPO could signal near-term treasury management intent.