SpaceX officially filed its S-1 registration statement with the U.S. Securities and Exchange Commission on Wednesday, giving investors their first detailed look inside one of the world’s most valuable private companies ahead of a planned IPO expected next month.
Buried in the filing was a notable disclosure: SpaceX held 18,712 BTC on its balance sheet as of March 31, recognized at a fair value of $1.29 billion.
What the filing revealed
The total cost basis of SpaceX’s bitcoin holdings was reported at $661 million, implying an average acquisition price of roughly $35,324 per coin.
At current prices, those holdings would be worth approximately $1.45 billion.
The filing stated:
“The Company has ownership of and control over its digital assets, which consist of Bitcoin, and utilizes, and expects to continue to utilize third-party custodians to hold its Bitcoin.”
This places SpaceX among a small group of major corporations with significant bitcoin on their books.
Musk’s other company, Tesla, holds 11,509 BTC according to on-chain data, while Strategy remains the largest corporate holder with 843,738 BTC.
The IPO itself
SpaceX is reportedly seeking a valuation of more than $1.5 trillion, with some reports floating a figure as high as $2 trillion.
If successful, the listing would rank SpaceX among the 10 most valuable publicly traded companies in the world, alongside Apple, Microsoft, and Nvidia.
It could also surpass Saudi Aramco’s 2020 debut as the largest IPO ever, which raised $29.4 billion at a valuation of roughly $1.7 trillion.
SpaceX posted 2025 revenue of $18.7 billion, up from $14 billion in 2024, and identified AI combined with its other business lines as potential “trillion-dollar market opportunities.”
Liquidity concerns for bitcoin
The SpaceX IPO isn’t the only massive listing on the horizon.
OpenAI and Anthropic, two of the largest AI firms, are also eyeing public debuts around the same period.
If all three hit the market in a similar timeframe, analysts warn that investors could rotate capital away from risk-on assets like bitcoin and crypto into these offerings, potentially draining liquidity from digital asset markets.
