SpaceX is poised to make a significant move in the public market as it gears up for a confidential IPO filing with the SEC, expected as early as March, with a potential launch in June. If successful, this initial public offering could shatter existing records, aiming for a valuation exceeding $1.75 trillion and a fundraising target of up to $50 billion, surpassing Saudi Aramco’s previous record of $29 billion raised in 2019.
A notable part of this forthcoming filing is the inclusion of 8,285 bitcoins, worth approximately $544.8 million as of the latest data, which are held in identified wallets under Coinbase Prime custody. These holdings have remained relatively stable, though their dollar value has fluctuated significantly. Back in December, reports indicated that the same stack of bitcoins was valued at around $780 million when the price of Bitcoin soared close to $92,500. By early February, following news related to a merger between SpaceX and xAI, the valuation had dropped to roughly $650 million at a lower Bitcoin price of around $78,000. Currently, with Bitcoin’s price further declining, the value stands at approximately $545 million, representing a loss of $235 million over just three months, all while SpaceX has maintained its original position without selling any coins.
This development raises concerns over potential paper losses that will be reflected in SpaceX’s S-1 filing. As Bitcoin’s value has experienced significant downturns, the quarterly earnings reports will inevitably reflect this volatility, which could pose challenges for investor sentiment. The situation echoes Tesla’s past experiences with Bitcoin, showcasing substantial paper losses during notable market corrections, even without any changes to its cryptocurrency holdings.
In 2025, despite the fluctuations associated with its Bitcoin portfolio, Tesla reported total revenues of $94.8 billion with a gross profit of $17 billion. This suggests that while cryptocurrency-related losses can attract media attention, they may not drastically affect the overall financial health of the company. SpaceX’s Bitcoin portfolio, which once peaked at nearly $2 billion at the end of 2021, has been in a volatile range between $400 million and $800 million since the market downturn in 2022.
Despite the fluctuating nature of its Bitcoin investments, SpaceX has demonstrated a steadfast commitment to holding its position rather than engaging in buying or selling, as has been the practice of Tesla. As the company moves towards its IPO, investors and market watchers will be closely monitoring the implications of these cryptocurrency holdings on its financial reporting and overall performance in what is shaping up to be a historic public offering.
