CoinDesk
SpaceX disclosed holdings of 18,712 bitcoin with a fair value of $1.29 billion as of March 31 in its S-1 registration statement filed with the SEC, confirming plans for an initial public offering expected next month at a reported valuation of more than $1.5 trillion. The filing gives investors their first detailed look inside one of the world's most valuable private companies and frames SpaceX as another major corporate holder of BTC alongside Strategy, Tesla and a small group of other public-company treasuries.
The cost basis on those holdings is $661 million, meaning the position carries roughly $628 million of unrealized gain at fair value. At the current spot price of $77,526, the stack would be worth about $1.45 billion — already above the disclosed March 31 mark, and any sustained move higher lifts the implied value before the stock even starts trading. The 18,712 BTC was also worth $1.637 billion at the end of 2025, so the S-1 captures a drawdown between year-end and quarter-end that the filing leaves unexplained.
Why it matters
The disclosure adds SpaceX to a very short list of multi-billion-dollar corporate BTC treasuries. Strategy still leads the cohort with 843,738 BTC; Tesla, Musk's other public company, holds 11,509 BTC. SpaceX's 18,712 sits between the two in size, but the framing is different — this is a private-company position about to be marked to market in a public-company filing, putting the holdings in front of every institutional investor who gets allocation in the listing.
The broader signal is that corporate treasury crypto allocation has migrated from a Tesla-and-MicroStrategy story into a wider category that includes infrastructure-heavy operators. SpaceX's revenue grew to $18.7 billion in 2025 from $14 billion in 2024, per the filing, giving it a balance sheet big enough to absorb BTC volatility without it being a strategic risk. That context matters for allocators deciding whether the position is a strategic treasury reserve or an opportunistic punt — the size and the cash flow point to the former.
Frequently asked questions
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How much bitcoin does SpaceX hold?
SpaceX disclosed 18,712 bitcoin in its S-1 registration statement, with a fair value of $1.29 billion as of March 31 and a cost basis of $661 million. At the then-current spot price of $77,526, the position would be worth about $1.45 billion.
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Where does SpaceX rank among corporate bitcoin holders?
SpaceX's 18,712 BTC places it behind Strategy, which holds 843,738 BTC, and ahead of Tesla, which holds 11,509 BTC. It is one of only a handful of companies with a nine-figure dollar position in bitcoin disclosed on a corporate balance sheet.
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What valuation is SpaceX targeting for its IPO?
Reports indicate SpaceX is seeking a valuation of more than $1.5 trillion, with some reports pointing to as high as $2 trillion. At the upper end the listing could surpass Saudi Aramco's 2020 debut as the largest IPO on record.
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Will SpaceX's bitcoin holdings affect its IPO pricing or index inclusion?
The BTC stack is disclosed but not a primary driver of the IPO thesis; the $18.7B in 2025 revenue and Starlink cash flow are. For index inclusion, passive funds weighing SpaceX at a $1.5T+ market cap will treat the BTC position as part of the balance sheet rather than a strategic factor unless the allocation grows.
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Is SpaceX buying more bitcoin before the IPO?
The S-1 does not indicate new purchases. The 18,712 BTC figure is a static disclosure of existing holdings as of March 31, so the near-term read for the BTC market is incremental — SpaceX is disclosing what it already holds, not adding to it ahead of the listing.
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