At the end of Q1, SpaceX held 18,712 bitcoin with a fair value of $1.29 billion, according to its IPO filing.

SpaceX is reportedly moving toward a public listing at a valuation above $1.5 trillion, positioning the rocket and satellite company for what could become the largest IPO in history and further elevating Elon Musk’s financial profile.

The company confirmed its plans in a newly filed S-1 registration statement with the U.S. Securities and Exchange Commission, giving investors an early detailed look at one of the most valuable private firms ahead of an expected IPO as soon as next month.

The filing shows SpaceX held 18,712 Bitcoin (BTC) as of March 31, valued at about $1.29 billion at the time. With Bitcoin trading near $77,000, that position would now be worth roughly $1.45 billion. The company joins a small group of major corporations with meaningful Bitcoin exposure, alongside Tesla, which holds 11,509 BTC, and Strategy, which remains the largest corporate holder with 843,738 BTC.

SpaceX is reportedly targeting a valuation above $1.5 trillion, with some estimates suggesting it could reach as high as $2 trillion. At that level, it would immediately rank among the world’s most valuable public companies, alongside Apple, Microsoft, and Nvidia, and could surpass Saudi Aramco’s 2020 IPO, which raised $29.4 billion at a valuation of about $1.7 trillion.

Investor interest is expected to be strong, driven by SpaceX’s leadership in commercial space launch services and its rapidly expanding Starlink satellite internet network. The company has maintained a competitive edge through reusable rocket technology and a fast-scaling global satellite infrastructure.

The S-1 filing also provides rare transparency into SpaceX’s financial performance, including revenue growth, capital expenditures, risk factors, and ownership structure. Investors are paying close attention to governance details, particularly how much control Elon Musk will retain post-listing. The document shows revenue rising to $18.7 billion in 2025, up from $14 billion in 2024.

SpaceX also highlighted artificial intelligence as part of its broader strategy, describing it as part of a potential “trillion-dollar market opportunity” alongside its core businesses.

Musk, who already leads Tesla, xAI, and the social platform X, is expected to remain CEO, Chief Technical Officer, and Chairman after the IPO, making the listing one of the most closely watched in years.

Meanwhile, SpaceX is not alone in pursuing the public markets. OpenAI and Anthropic are also reportedly considering IPOs, raising the possibility of multiple major tech listings arriving within a similar timeframe.

If that scenario unfolds, analysts suggest capital could rotate into these new equity offerings, potentially drawing liquidity away from risk assets such as cryptocurrencies as investors reposition into high-profile public market debuts.