SpaceX has filed for an initial public offering that values the rocket company at $75 billion — a figure that would make it the largest IPO on record. The filing also reveals the company holds 18,712 bitcoins, a holding that immediately drew attention from both investors and crypto watchers.
The biggest IPO ever attempted
The $75 billion target dwarfs the previous record-holder, Alibaba's $25 billion listing in 2014. SpaceX has not yet set a date for the offering or disclosed the number of shares it plans to sell, but the sheer size of the valuation signals strong confidence from the company's leadership. Elon Musk's aerospace firm has been a dominant force in commercial spaceflight, with a growing satellite internet business in Starlink and a steady stream of government contracts.
The filing comes after years of speculation about when SpaceX would go public. Musk has previously said he would only consider an IPO once the company's Mars colonization plans were on a regular cadence, but the need for capital to fund Starship development and Starlink's expansion likely pushed the decision forward.
Bitcoin tucked inside the balance sheet
The disclosure of 18,712 bitcoin is unusual for a company in the aerospace and defense sector. It confirms that SpaceX has been holding the cryptocurrency as a treasury asset, a move that aligns with Musk's known enthusiasm for digital currencies. Tesla, another Musk-led company, also holds bitcoin on its balance sheet, though it has sold portions of its holdings in recent quarters.
The exact timing of SpaceX's bitcoin purchases was not detailed in the filing, nor was the average price paid. The cryptocurrency's price has fluctuated wildly over the past two years, but the 18,712 coins represent a significant position. For context, that stash is roughly four times the amount of bitcoin held by the company's sister firm, Tesla, as of its last disclosure.
What the filing doesn't say
The IPO prospectus is still under review by the Securities and Exchange Commission, and the final valuation could shift depending on market conditions. SpaceX did not specify how it plans to use the proceeds from the offering, though industry analysts expect the funds to go toward Starship development and Starlink's global rollout.
The bitcoin holding is also likely to raise questions from regulators about risk disclosure. Companies that hold volatile assets are required to explain how those assets might affect their financial stability. SpaceX's legal team will have to address that in the final prospectus.
No date has been set for the stock to begin trading. The company has not yet chosen an exchange, though a listing on the New York Stock Exchange or Nasdaq is expected. Investors will have to wait for the SEC to complete its review before they can buy shares in the richest IPO in history.
