I just noticed a pretty interesting detail. SpaceX is preparing to go public with an IPO that could value the company at over $1.75 trillion, with a maximum raise of $5 billion, making it the largest IPO in history. But there’s a hidden risk behind this — the company still holds over 8,000 Bitcoin on its books.

According to on-chain data, the Bitcoin held in custody at Coinbase Prime by SpaceX is now worth about $590 million. It sounds like a lot, but that’s exactly the problem. Three months ago, this asset was worth $780 million; now it’s shrunk to $590 million, a direct loss of $235 million. And the company hasn’t sold a single Bitcoin — the loss is purely due to the decline in Bitcoin’s price.

What does this mean for the IPO? Once the S-1 is filed, every quarterly report will show this number to investors. If Bitcoin’s price rises, it’s a positive; if it falls, it’s a loss. This volatility could become a permanent headline risk.

Tesla’s experience serves as a warning. Musk’s electric vehicle company has faced several significant paper losses due to Bitcoin holdings, each triggering media storms. Although the company’s core business remained unchanged, investor attention was diverted. SpaceX faces a similar dilemma, and the timing is worse — the disclosure of this asset coincided with a major Bitcoin correction.

But from another perspective, the size of SpaceX’s Bitcoin holdings is relatively manageable. Even a $590 million loss sounds large, but for a company valued at over $1.75 trillion, the impact is limited. Historically, SpaceX has never actively traded these Bitcoins; it’s been a long-term hold. At the end of 2021, the asset was close to $2 billion, then went through a full cycle of fluctuations, but the company has held firm.

Looking at Elon Musk’s wealth portfolio, this long-term confidence in crypto assets actually reflects his view of the future of digital assets. But at this sensitive IPO stage, this holding will inevitably become a key focus of investor due diligence. How to explain the strategic significance of this asset in the financial reports, rather than letting it become purely a volatility risk, will be a delicate issue for SpaceX’s management.

In summary, the excitement around this IPO isn’t just about the fundraising scale and valuation — it’s also about how the company explains its Bitcoin holdings to Wall Street. This could turn out to be the most interesting part of the entire IPO narrative.