- SpaceX files an S-1 with the SEC to go public under the ticker SPCX.
- SpaceX disclosed 18,712 Bitcoin worth $1.45B, far exceeding all prior estimates.
- Average acquisition price of $35,320 per coin gives SpaceX an unrealized gain of $790M.
SpaceX has filed an S-1 registration statement with the US Securities and Exchange Commission to go public under the ticker SPCX. The company disclosed Bitcoin holdings of 18,712 BTC worth nearly $1.45 billion as of Dec. 31, 2025.
Blockchain analytics firms BitcoinTreasuries.NET and Arkham Intelligence had both estimated SpaceX’s holdings at approximately 8,285 Bitcoin. The actual position is more than double that figure.
SpaceX acquired its Bitcoin at an average cost of $35,320 per coin, giving a total cost basis of $661 million. At current prices, the position has gained approximately $790 million in unrealized value.
Corporate Bitcoin Context
The disclosure places SpaceX as the seventh-largest corporate holder of Bitcoin. Tesla, also controlled by Elon Musk, holds 11,509 Bitcoins. Strategy remains the largest corporate Bitcoin holder with 843,738 coins.
SpaceX said in the filing it utilizes third-party custodians to hold its Bitcoin and expects to continue doing so. The company began accumulating Bitcoin in early 2021, coinciding with Tesla’s initial purchase.
Unlike Strategy, whose corporate mandate centers on Bitcoin accumulation, SpaceX’s primary business is aerospace and satellite operations. Its decision to carry a $1.45 billion Bitcoin position into a public listing represents a notable departure from how most non-financial corporations approach digital asset holdings.
The IPO
SpaceX is targeting a valuation of between $1.75 trillion and $2 trillion, with plans to raise approximately $75 billion. The listing would rank among the largest in capital markets history, potentially surpassing Saudi Aramco’s 2020 debut, which raised $29.4 billion at a $1.7 trillion valuation.
SpaceX reported revenue of $18.7 billion in 2025, up 33% from $14 billion in 2024.
Market Implications
Analysts say that major IPOs are typically timed for periods of positive market sentiment and strong retail participation. SpaceX filing now signals management expects favorable conditions ahead, a reading some crypto market watchers view as constructive for broader risk asset sentiment, including Bitcoin.
Related: Anthropic Secures 220,000 NVIDIA GPUs Through SpaceX Partnership
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