Just caught something interesting about Musk's SpaceX situation that caught my eye. So the company just posted nearly a $5 billion loss for 2025, right? But here's the thing - they're still sitting on 8,285 bitcoin worth around $603 million and haven't touched it at all since mid-2024. Kind of tells you something about how they view crypto as a treasury asset.

Let me break down what happened. Revenue actually grew to $18.5 billion last year, which is solid. But the integration of xAI - Musk's AI venture they picked up in February - ended up costing more than what they brought in on the top line. That's a pretty sharp swing from 2024 when they made roughly $8 billion in profit on $15-16 billion in revenue.

What's wild is despite posting those massive losses, SpaceX is actively preparing for an IPO and still refuses to liquidate their bitcoin position to improve the balance sheet. The last significant movement on their holdings was just an internal rebalance about four months back - nothing major. Their BTC stack has been stable since mid-2024, which means they're genuinely committed to holding rather than panic selling.

Currently SpaceX ranks as the fourth-largest known corporate bitcoin holder in the space, sitting behind Strategy, Marathon Digital, and Riot Platforms. For a company that just reported a $5 billion loss and is pushing forward with going public, maintaining a volatile crypto position like this is basically a statement. You don't hold $603 million in bitcoin if you don't believe in it, especially when you could use that capital to patch up your balance sheet right before IPO filings.

The IPO filing itself is going to be interesting because it'll be the first time SpaceX has to disclose their crypto holdings in public documents. They'll probably have to deal with the new FASB fair-value accounting rules that kicked in late 2025. But the fact that they're not bailing on their position ahead of that suggests Musk and the team are confident in their crypto strategy moving forward.