SpaceX's initial public offering closed this week after raising roughly $10 billion more than the company had initially targeted, and the rocket maker used the prospectus to reveal it holds a massive Bitcoin treasury. The disclosure, buried in the SEC filing, marks one of the largest corporate crypto holdings ever confirmed by a public company.
The Oversized Raise
SpaceX originally aimed to raise around $15 billion from its highly anticipated IPO. But demand from institutional investors pushed the final tally past $25 billion, people familiar with the process said. The extra capital will fund Starship production, Starlink expansion, and Mars mission development — a scale of fundraising rarely seen in a single offering.
The Bitcoin Disclosure
In the final prospectus, SpaceX disclosed that its balance sheet includes a "significant" Bitcoin position acquired over several years. The exact size wasn't specified — the filing cited competitive reasons — but analysts estimate the treasury could be worth several billion dollars based on the company's past statements and known purchases. Musk has previously signaled his support for crypto, but this is the first official confirmation of SpaceX's direct holdings. It's not the first time Musk-linked firms have held Bitcoin: Tesla bought $1.5 billion in 2021 and sold most of it later. SpaceX seems to have held its position steady.
Investor Reaction
The news hit the wires late Wednesday afternoon. Bitcoin ticked up about 2% in the hours after the filing became public, though it stayed within its recent trading range. IPO investors got the prospectus before the disclosure leaked, meaning the institutional buyers who pushed the raise to $25 billion likely already knew. The general public only learned of it after the offering closed.
SpaceX shares begin trading on the Nasdaq on June 23 under the ticker SPCE. The company will report its first quarterly earnings as a public company in August, where the full size of the Bitcoin position will finally be disclosed. Until then, the crypto world will be left guessing just how much Bitcoin Elon Musk's space company actually holds.
