Elon Musk's Bitcoin Holdings at SpaceX Plummet to $545 Million Ahead of Mega Rocket IPO

Elon Musk’s space exploration company has held Bitcoin for years without needing to disclose the reasons to the public. However, this situation will change dramatically as SpaceX prepares for its initial public offering. According to Bloomberg last week, the rocket and satellite company plans to file for an IPO with the SEC in the coming weeks, aiming to go public in June—a move that would be the largest offering in market history.

SpaceX Ready to Reveal Hundreds of Millions of Dollars in Bitcoin Holdings in IPO Documents

SpaceX’s targeted valuation exceeds $1.75 trillion, with plans to raise up to $50 billion, breaking the record set by Saudi Aramco in 2019 at $29 billion. Behind the S-1 filing lies 8,285 Bitcoin as hidden yet material assets. Data from Arkham Intelligence shows that SpaceX’s wallets, spread across 43 addresses on Coinbase Prime custody service, held about $544.8 million in BTC as of early this week—values that have sharply declined amid digital market volatility.

The number of Bitcoin coins has remained stable around 8,300 BTC since early 2026, but their nominal value has fluctuated sharply downward. When CoinDesk reported this holding last December, the same stack was worth about $780 million with Bitcoin near $92,500. By February, the portfolio’s value had dropped to $650 million as BTC hovered around $78,000. Now, with BTC at $70,750, the holdings are worth only $545 million—a $235 million decrease in three months without SpaceX selling any coins.

Accounting Challenges: Recurrent Book Losses in IPO Financial Documents

This dynamic creates a complex accounting landscape for public reporting. SpaceX’s S-1 will show book losses related to Bitcoin whenever the asset’s price drops, and upcoming quarterly reports will reflect this volatility regardless of whether the company transacts or simply holds its position. This scenario is not new in Elon Musk’s corporate world.

Tesla provides a relevant but not always positive precedent. The electric car maker has recorded hundreds of millions of dollars in book losses during several market downturns, though it has never changed its Bitcoin holdings. This creates the risk of repeated headlines that could obscure the company’s core business performance. SpaceX could face similar dynamics, unless its initial disclosure occurs during one of the fastest Bitcoin corrections in years, rather than during a rally.

However, it is worth noting that Tesla reported total revenue of $94.8 billion and gross profit of $17 billion in 2025. With such a financial profile, paper losses from Bitcoin on the balance sheet may not significantly impact Elon Musk’s overall business landscape.

Strategy Differences: SpaceX Maintains a Consistent Holding Unlike Tesla

SpaceX’s Bitcoin portfolio peaked near $2 billion at the end of 2021, plummeted throughout 2022, and has fluctuated between $400 million and $800 million over the past two years. Data from Arkham shows that SpaceX does not tend to trade its position—consistently maintaining ownership through every market cycle.

This sets SpaceX apart from Tesla, which actively buys and sells Bitcoin at various price points. Elon Musk’s rocket company’s buy-and-hold strategy reflects a long-term investment philosophy, contrasting with a tactical approach. As the IPO approaches, the market will gain full visibility into SpaceX’s digital asset accumulation strategy, which has been executed without the need to explain to public investors.