SpaceX Bitcoin Stack Down to $545M From $780M Ahead of IPO

What to Know

$544.8 million -- SpaceX's 8,285 bitcoin are now worth roughly $545 million, down from $780 million in December
$1.75 trillion -- SpaceX is targeting that valuation in what could become the largest IPO in history
$235 million in paper losses accumulated over three months without SpaceX selling a single coin
Tesla's experience with bitcoin-related headline risk suggests SpaceX could face similar scrutiny once its S-1 is public

SpaceX bitcoin holdings have shed roughly $235 million in value over three months, shrinking from an estimated $780 million in December to approximately $545 million today. Bloomberg reported on Friday that Elon Musk's rocket company is preparing a confidential IPO filing with the SEC as early as March 2026, putting it on track for a June listing that would shatter every previous record.

How Much Bitcoin Does SpaceX Hold?

SpaceX holds roughly 8,285 BTC across 43 addresses in Coinbase Prime custody, according to Arkham Intelligence data. The balance has hovered near 8,300 BTC since at least early 2026, indicating the company has neither bought nor sold any meaningful amount.

The dollar value, however, has moved sharply. In December 2025, bitcoin traded near $92,500 and the stack was worth about $780 million. By early February, after the SpaceX-xAI merger brought renewed attention, BTC had fallen to around $78,000 and the portfolio dropped to roughly $650 million. As of Saturday morning, it sat at about $544.8 million -- a $235 million erosion without a single transaction.

Record-Breaking IPO on the Horizon

SpaceX is expected to seek a valuation above $1.75 trillion and raise as much as $50 billion, according to Bloomberg. That would eclipse Saudi Aramco's 2019 record of $29 billion, making it the largest initial public offering in history.

Buried in the forthcoming S-1 will be those 8,285 bitcoin. Under fair-value accounting rules, SpaceX must report bitcoin-related paper gains or losses each quarter regardless of whether it trades any coins. The filing will therefore show unrealized losses for any period in which BTC declined, creating recurring headline risk.

What Does Tesla's Experience Mean for SpaceX?

Tesla offers the closest precedent. Musk's automaker has booked hundreds of millions in paper losses during past drawdowns despite never altering its core position, generating quarterly headlines that often overshadowed the underlying business.

SpaceX may face an even steeper perception challenge because its first public disclosure arrives during one of bitcoin's sharpest corrections in years. Still, Tesla posted total revenue of $94.8 billion and gross profit of $17 billion in 2025, suggesting bitcoin paper losses barely move the needle for Musk's companies at this scale.

SpaceX's BTC portfolio peaked near $2 billion in late 2021, crashed through 2022, and has oscillated between $400 million and $800 million since. Unlike Tesla, which sold and later repurchased bitcoin, on-chain data indicates SpaceX has simply held through every cycle.

What This Means Going Forward

SpaceX has operated for years with no obligation to explain its bitcoin strategy to public-market investors. That era is ending. Once the S-1 is filed, every quarterly earnings release will carry the volatility of an 8,285 BTC position. Whether the stack rebounds or falls further, SpaceX's prospectus will make it one of the most closely watched corporate bitcoin holders alongside Tesla and MicroStrategy.