SpaceX Sits On $1.2B Bitcoin Stack

SpaceX has revealed a substantial Bitcoin position in its public S-1 filing with the Securities and Exchange Commission, disclosing that it held 18,712 $BTC as of March 31, 2026, with a fair value of approximately $1.293 billion at quarter end.

The filing shows the company acquired its holdings at an average cost basis of around $35,300 per coin, against a total cost basis of $661 million, leaving SpaceX with a sizeable paper gain at current prices.

A Major Corporate Bitcoin Holder

The holding places SpaceX among a small group of major corporations with significant Bitcoin on their balance sheets. For context, Elon Musk's other company, Tesla, holds 11,509 Bitcoin, while Michael Saylor's Strategy currently holds the largest corporate position at 843,738 Bitcoin. A stack above 18,000 coins would rank SpaceX seventh among tracked corporate treasuries, putting the company ahead of Coinbase ($COIN).

Under the FASB's ASU 2023-08 fair-value accounting standard, which took effect for fiscal years beginning after December 15, 2024, listed companies must now mark Bitcoin holdings to market every quarter and route the result through the income statement. That means SpaceX's Bitcoin position will introduce quarterly earnings volatility once the company goes public.

IPO Sets the Stage for One of History's Largest Listings

SpaceX has filed its S-1 with the SEC, confirming plans for an initial public offering expected next month that could be the largest in history. The company plans to trade on Nasdaq under the ticker "SPCX". SpaceX is seeking to raise as much as $75 billion in the IPO and is targeting a valuation of around $1.75 trillion, with Goldman Sachs and Morgan Stanley serving as lead underwriters.

The filing also shows SpaceX generated $4.69 billion in first-quarter revenue and recorded a $4.28 billion net loss. Revenue from launch services, Starlink and other business lines remains large, but spending tied to artificial intelligence, infrastructure, research and Starship development continues to weigh on earnings.

The Bitcoin disclosure adds a digital asset dimension to what is already one of the most closely watched public listings in years, and underscores a broader shift in how major non-crypto companies are treating Bitcoin as a balance-sheet asset.

Sources:
CoinDesk: SpaceX held 18,712 Bitcoin at fair value of $1.29 billion, IPO filing shows
CoinCentral: SpaceX Files for IPO With 18,712 Bitcoin on Balance Sheet
Decrypt: Elon Musk's SpaceX IPO Filing Reveals $1.45 Billion Bitcoin Position