SpaceX Files IPO Prospectus Disclosing 18,712 Bitcoin Acquired for $661 Million

SpaceX filed an S-1 registration statement for its initial public offering, disclosing that it holds 18,712 Bitcoin acquired at a cost basis of $661 million. 8 percent of the company's total assets. Blockchain analysts had previously estimated SpaceX's Bitcoin position at roughly 8,300 coins.

The filing showed the actual amount was more than double that figure. SpaceX has not sold Bitcoin since the end of 2024, according to Bloomberg Technology co-host Edward Ludlow. He said the language in the filing suggests the company treats the holdings as a strategic reserve for excess cash or a hedge against inflation.

Tesla, another company controlled by Elon Musk, holds 11,509 Bitcoin that it has maintained since 2021. Tesla sold a large portion of its initial Bitcoin purchases in 2022, and reports indicate SpaceX has also sold some of its holdings in the past. 4 billion position could create significant swings in reported earnings unrelated to SpaceX's core operations.

45 billion in Bitcoin to market each quarter can produce wild swings into reported earnings that have nothing to do with rocket launches or satellite performance," Krause said. After the IPO, SpaceX would rank as the seventh-largest public company by Bitcoin holdings. A merger with Tesla that left the combined Bitcoin position intact would place the resulting entity fifth on that list.

During the trial over his lawsuit against OpenAI, Musk stated that some cryptocurrencies have merit but most are scams. Bloomberg analyst James Seyffart said the size of the holdings showed that Musk or someone in his close circle remains a strong believer in Bitcoin despite recent public cooling toward crypto. "It’s a lot more than I thought they had (like everyone else)," Seyffart told Fortune.