SpaceX has formally disclosed the size of its bitcoin holdings for the first time as part of its S-1 filing with the SEC. According to the document, Elon Musk's space company holds 18,712 BTC with a current market value of roughly $1.45 billion.
The position rests on a total cost basis of $661 million. As a result, the average entry price works out to about $35,324 per bitcoin. With this disclosure, SpaceX joins the ranks of the largest corporate bitcoin holders while also entering the public capital markets. According to the filing, the planned Nasdaq listing under the ticker SPCX is scheduled to start on 12 June 2026. At a volume of roughly $75 billion, it would be the largest IPO in history. Furthermore, the unrealised gain on the bitcoin position stands at around $789 million.
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Holdings unchanged since end of 2024
The SpaceX bitcoin position has remained unchanged at 18,712 BTC since 31 December 2024. Moreover, the company confirms this as of the reporting date of 31 March 2026. The fair value at that balance sheet date was $1.29 billion. The increase to $1.45 billion by the publication date reflects bitcoin's price action in recent weeks. Specifically, bitcoin traded at around $68,900 at the end of March 2026 and climbed to about $78,000 by the announcement.
SpaceX acquired its first bitcoin in 2021, at the same time as Tesla's then widely noted $1.5 billion purchase. According to data from Bitcoin Treasuries, the original holdings stood at 25,724 BTC. Therefore, the current position implies an interim partial sale of about 7,012 BTC. Tesla itself liquidated roughly 75 percent of its position in 2022. SpaceX, by contrast, kept the bulk of its holdings.
The S-1 filing also specifies the custody structure. SpaceX uses third-party custodians but retains direct ownership rights and control over the digital assets. Until now, the market only knew about the holdings through secondary market reports and on-chain analyses. In April 2026, Arkham Intelligence was able to identify only 8,285 BTC. In addition, the remaining wallets could not be publicly attributed.
Volatile book values weigh on balance sheet
The accounting treatment of the position reveals substantial swings. For example, SpaceX recorded an unrealised gain of $955 million on the bitcoin holdings in 2024. In 2025, however, an unrealised loss of $112 million was booked. This volatility feeds directly into the income statement, because new accounting standards have required digital assets to be measured at fair value since 2024.
Measured against the company's consolidated losses, the bitcoin item looks small. The 2025 net loss totalled $4.94 billion on revenue of $18.674 billion, a 33 percent increase compared to the prior year. In the first quarter of 2026, the situation worsened markedly. SpaceX reported a quarterly loss of $4.3 billion on revenue of just $4.7 billion. As a result, the accumulated deficit reached $41.3 billion at the end of March.
xAI merger explains jump in losses
The strained earnings situation is largely attributable to the all-stock merger with Musk's AI firm xAI, which closed in February 2026. At the time, the combined valuation of the merged company stood at $1.25 trillion. The xAI segment contributed an operating loss of $6.36 billion in 2025 on revenue of just $3.2 billion. At the same time, investments of $12.7 billion in data centres and infrastructure hit the books.
While the AI subsidiary burns through billions, the connectivity segment around Starlink looks robust. The business unit generated revenue of $11.4 billion in 2025, growing 50 percent. In addition, segment operating profit came in at $4.4 billion. Starlink now counts around 10.3 million subscribers across 164 countries as of the end of March 2026. However, the group's cash position fell from $24.75 billion at the end of 2025 to $15.85 billion at the end of March 2026. Total debt stood at $29.1 billion.
The IPO's voting structure stands out. SpaceX is going with a dual-class model carrying ten votes per B share and one vote per A share. Consequently, Musk will control 85.1 percent of combined voting rights after the listing. The roadshow starts on 4 June 2026, with pricing scheduled for 11 June. Moreover, the targeted valuation exceeds $1.5 trillion. On the pre-IPO market on Hyperliquid, the shares recently traded above $2 trillion.
