SpaceX could soon rank as the most valuable public company holding bitcoin by market cap — though not by total coins — once its long-awaited IPO goes through, according to Grayscale. The asset manager's analysis, shared this week, points to the 18,712 BTC listed in SpaceX's S-1 filing as evidence that Elon Musk's rocket firm is building a sizable corporate treasury in the largest cryptocurrency.
What the S-1 reveals
SpaceX's registration statement, filed with the SEC ahead of its planned public listing, discloses 18,712 bitcoin under digital assets. That's a position valued in the hundreds of millions of dollars at current prices, though Grayscale didn't specify an exact dollar figure. The filing marks the first time SpaceX has publicly confirmed its crypto holdings in a regulatory document.
Who holds more
Strategy — the business intelligence firm formerly known as MicroStrategy — remains the largest public company holder of bitcoin by total coins. But Grayscale's note argues that SpaceX's market capitalization after its IPO could eclipse Strategy's, making it the most valuable public firm with a bitcoin stash. Grayscale didn't project a specific valuation for SpaceX, but the company's private-market rounds have previously pushed its worth well past $100 billion.
The disclosure signals that big, non-crypto-native companies are still accumulating bitcoin despite the market's ups and downs. SpaceX joins a small club of public firms that hold the asset on their balance sheets. For investors watching the IPO, the bitcoin line item adds another variable to the story — one that could influence how the market prices SpaceX shares when they start trading.
What's next: SpaceX hasn't set a firm IPO date yet, but the S-1 filing puts the process in motion. The SEC will review the registration; after that, the company will likely set a pricing range and a listing venue. Until then, the 18,712 BTC sit there — a quiet bet on bitcoin from a company that launches rockets.
