I just noticed, SpaceX's worth in the eyes of public investors will become a serious topic after the IPO. Because they hold 8,285 bitcoins which are now worth around $545 million, a drastic drop from $780 million last December. Just the movement of BTC price, SpaceX didn't sell a single coin, but their paper losses are already $235 million in 3 months.

Interestingly, once SpaceX enters the public market (IPO targeting March-June with a valuation over $1.75 trillion), their bitcoin holdings will become a line item in the financial statements. This means every time BTC drops, investors will see accounting losses appear on the balance sheet, even though SpaceX's operations haven't changed. This is similar to Tesla, which has experienced this multiple times, resulting in headlines that create noise.

Latest data from Arkham shows 8,285 BTC held by SpaceX stored in 43 custody addresses, and this balance has been stable since early 2026. So it's very clear that SpaceX is not a trader, they are pure hodlers. But with the upcoming IPO, the market will become more aware of their bitcoin volatility. SpaceX's massive valuation might cushion the small impact of these paper losses, but it still remains a wild card in their future prospectus.