SpaceX’s $780M bitcoin holdings shrink to roughly $545M ahead of anticipated IPO filing

SpaceX holds roughly 8,285 bitcoin in custody at Coinbase Prime, a position currently valued at about $545 million after shedding approximately $235 million in paper value over the past three months.

For years, the company has maintained its bitcoin holdings outside the scrutiny of public market investors. That is poised to change.

According to a late-Friday report from Bloomberg, Elon Musk’s rocket and satellite venture is preparing a confidential IPO filing with the SEC as soon as March, potentially setting up a June debut that could become the largest public offering on record. The company is reportedly targeting a valuation north of $1.75 trillion and aiming to raise as much as $50 billion — surpassing the $29 billion raised by Saudi Aramco in its landmark 2019 listing.

Included in that S-1 filing: 8,285 BTC.

Data from Arkham Intelligence indicates that wallets attributed to SpaceX held about $544.8 million worth of bitcoin as of Saturday morning, distributed across 43 addresses under Coinbase Prime custody. The coin balance has remained relatively steady at around 8,300 BTC since early 2026, but the dollar value has fluctuated sharply with the market.

In December, when CoinDesk first highlighted the holdings ahead of the anticipated listing, the same stash was worth roughly $780 million, with bitcoin trading near $92,500. By early February — around the time the SpaceX-xAI merger renewed attention on the position — its value had slipped to about $650 million as BTC hovered near $78,000.

Now, at approximately $545 million, the company is sitting on an unrealized decline of about $235 million in just three months — without selling a single coin.

That volatility will become more visible once SpaceX files publicly. Any period in which bitcoin trades lower would translate into reported paper losses, and future quarterly results would reflect those swings regardless of whether the company alters its holdings.

There is precedent. Tesla, also led by Musk, has previously recorded hundreds of millions of dollars in unrealized bitcoin losses during market downturns, despite largely maintaining its position. Those markdowns frequently generated headlines that at times overshadowed the automaker’s operating performance. SpaceX could encounter a similar dynamic, particularly if its initial disclosures coincide with one of bitcoin’s steeper corrections in recent years rather than a rally.

At the same time, the broader financial context matters. Tesla reported $94.8 billion in revenue and $17 billion in gross profit in 2025, suggesting that even sizable bitcoin-related paper losses may represent a relatively small fraction of overall corporate performance within Musk’s portfolio of companies.

Historically, SpaceX’s bitcoin position peaked near $2 billion in late 2021 before plunging during the 2022 crypto downturn. Over the past two years, its value has fluctuated between roughly $400 million and $800 million.

Unlike Tesla — which at times sold and later repurchased portions of its bitcoin — blockchain data suggests SpaceX has largely taken a buy-and-hold approach, maintaining its stack through successive market cycles.