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SpaceX Reveals Bitcoin Reserves in IPO Filing - ForkLog: Cryptocurrencies, AI, Singularity, Future
The space company SpaceX, founded by Elon Musk, has filed a public IPO application with the SEC. According to Form S-1, as of March 31, the firm held 18,712 BTC, acquired for $661 million.
The average purchase price was $35,300 per coin, and the market value of the reserve at the end of the quarter was estimated at $1.29 billion.
SpaceX plans to go public on Nasdaq under the ticker SPCX.
If the SEC approves the stock offering, SpaceX will become one of the largest publicly traded companies with a corporate reserve in the first cryptocurrency. In terms of Bitcoin holdings, the company already surpasses Coinbase, which holds 16,492 BTC.
The IPO is expected to be the biggest market debut in recent years in the U.S. The WSJ and Reuters report that the company's valuation is around $1.75 trillion, with potential proceeds of $75-80 billion.
Connections Within Musk’s Ecosystem
The application details SpaceX’s relationships with other Musk assets. The documents mention commercial and financial ties with:
This means investors will evaluate not only SpaceX’s space and satellite business but also the broader network of interconnections within Musk’s companies.
The crypto reserve listed in the filing is especially interesting against the backdrop of Tesla’s past. In 2021, the automaker purchased Bitcoin worth $1.5 billion, later selling a significant portion of the position. Now it turns out that SpaceX has also maintained a large digital gold reserve all this time.
Recall that in February, SpaceX acquired another of Musk’s AI startups, xAI, creating the most expensive private company in the world valued at $1.25 trillion.