Cryptocurrency Asset Management Company Grayscale Investments Research Director Zach Pandl released a report on May 26th on the company's blog, dividing corporate Bitcoin holders into "Digital Asset Management Companies (DAT)" and "Diversified Operating Enterprises," with SpaceX holding 18,712 Bitcoins. SpaceX's IPO is scheduled for June.

Details of SpaceX's Bitcoin Holdings Revealed in S-1 Filing
In the S-1 filing submitted to the U.S. SEC, SpaceX classifies Bitcoin as a "Digital Asset." The document shows a holding of 18,712 Bitcoins, unchanged from the same period last year; fair value decreased from $1.75B to $1.64B; cost basis remains at $661 million. The filing also discloses: "The company owns and controls its digital assets and holds its Bitcoin through a third-party custodian."
Grayscale Corporate Bitcoin Holder Classification Framework
Pandl's report categorizes corporate holders into two types. Digital Asset Management Companies (DAT) primarily aim to provide Bitcoin exposure to public market investors, including Strategy (843,738 coins), Twenty One Capital (43,514 coins), Metaplanet (40,177 coins), MARA Holdings (35,303 coins), and Bullish (24,300 coins). Diversified Operating Enterprises hold Bitcoin alongside core business operations, including SpaceX (18,712 coins), Coinbase (16,492 coins), Tesla (11,509 coins), and Block (9,032 coins).
Polymarket Prediction Market Data Showing SpaceX IPO Valuation
As of the report, Polymarket's prediction market data indicates that the probability of SpaceX's valuation after going public falling within the $2 trillion to $2.5 trillion range is about 40%, within the $1.5 trillion to $2 trillion range is 26%, and within the $2.5 trillion to $3 trillion range is 24%. The exact pricing date and final terms of the IPO have not yet been announced.
Frequently Asked Questions
How does Strategy's Bitcoin holdings compare to SpaceX's?
Strategy holds 843,738 Bitcoins, making it the publicly listed company with the largest Bitcoin holdings. SpaceX holds 18,712 coins, categorized by Grayscale as a "Diversified Operating Enterprise," not primarily for Bitcoin investment as a "Digital Asset Management Company (DAT)." The two have different business orientations, and Grayscale has established an independent classification framework for this.
How does Grayscale define the boundaries between DAT and diversified enterprises?
Grayscale research director Pandl defined in the May 26 report: The core purpose of DAT is to provide Bitcoin exposure to public market investors; diversified enterprises hold Bitcoin alongside core business operations as part of a broader capital management strategy, not primarily for investment purposes.
What is the schedule and filing status of SpaceX's IPO?
Grayscale's May 26 report states that SpaceX's IPO is planned for June 2026. SpaceX has officially submitted its S-1 filing to the U.S. SEC. The SEC has not yet issued review comments on the filing, and the exact date and final pricing of the IPO have not been announced.
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