SpaceX formally kicked off its long-awaited initial public offering on Wednesday, filing an S-1 registration statement with the SEC that pegs a potential valuation of $1.75 trillion. Tucked inside the 200-plus-page document is a detail that caught the crypto world's attention: the rocket builder holds 18,712 Bitcoin, worth $1.29 billion at the end of March.
What the filing says about Bitcoin
SpaceX acquired its Bitcoin at an average price of roughly $35,324 per coin, according to the S-1. The company’s historical cost basis for the stash is $661 million, meaning it's sitting on more than $600 million in unrealized gains—at least on paper. But those gains have shrunk fast. Bitcoin has slid from above $126,000 earlier this year to around $70,000, lopping about $350 million off SpaceX's reported value of the holdings. Under fair-value accounting rules, that drop hits net income, even though SpaceX hasn't sold a single coin.
Where SpaceX ranks among corporate holders
The disclosure puts SpaceX among the top 10 public companies by Bitcoin holdings. It holds more than Tesla, which owns 11,509 BTC, though it's dwarfed by MicroStrategy's massive 843,738 BTC pile. That said, SpaceX's Bitcoin position is unusual for a pre-IPO company. Most startups don't park billions in crypto. The filing doesn't detail the strategic rationale—whether the Bitcoin is a treasury reserve, a hedge, or just a bet—but it's a clear signal that Musk's flagship venture is all-in on digital assets.
The price pain on the balance sheet
The timing isn't great. Bitcoin's 44% decline from its peak has forced SpaceX to mark down the value of its holdings by roughly $350 million in the first quarter of 2026 alone. That's a real hit to reported earnings, even though the company hasn't locked in losses. The S-1 notes the volatility risk, which could become a talking point for IPO investors focused on stable earnings. SpaceX's core business—launching rockets and Starlink satellites—is growing fast, but the crypto swing adds a layer of noise to the financials.
X's parallel money push
Separately, X (formerly Twitter) is building out its 'everything app' vision. The platform launched its Money product in November 2025, enabling payments and banking features. While the S-1 doesn't mention X directly, Musk's web of companies increasingly overlap in financial services. The IPO prospectus makes clear that SpaceX intends to continue holding its Bitcoin, and the X Money platform could eventually integrate crypto payments, though no details were filed.
The S-1 is now under SEC review. SpaceX hasn't set a date or price range for the offering yet. The final valuation—and the market's appetite for a company with a $1.29 billion crypto variable—will become clearer in the coming weeks as the regulator works through the filing.
