Here's something that caught my attention. SpaceX just posted nearly a $5 billion loss for 2025, but they're still holding 8,285 bitcoin worth around $603 million. That's not exactly what you'd expect from a company bleeding money and preparing for an IPO.

The numbers tell an interesting story. Revenue actually grew to $18.5 billion last year, but integrating Elon Musk's xAI venture basically ate through all those gains and then some. Compare that to the year before when they pulled in roughly $8 billion in profit on revenues between $15 and $16 billion. Pretty dramatic swing.

But here's the thing that really stood out to me - SpaceX hasn't moved their bitcoin position since mid-2024. Not a single sale despite the massive losses. They're just sitting on it. The last movement was just an internal rebalance a few months back, shuffling some coins between their own wallets.

That's a pretty bold statement about how they view crypto as a treasury asset. You don't hold $600 million in bitcoin through a $5 billion loss unless you genuinely believe in it long-term. Especially not when you're about to go public and could use that liquidity to clean up your balance sheet.

Currently, SpaceX ranks as the fourth-largest known corporate bitcoin holder, behind a few other firms. Their position peaked above $1.6 billion during the October 2025 all-time high, so they're definitely sitting on some paper losses too. Yet they're holding steady.

The IPO filing is supposed to disclose the bitcoin holdings publicly for the first time, which will force some interesting accounting decisions under new FASB rules. But from what I can see, Elon and the team aren't treating this like a speculative trade. They're treating it like core treasury strategy. Worth watching how this plays out when they go public.