SpaceX sees its $780M BTC position fall to near $545M before expected public offering paperwork

SpaceX owns about 8,285 bitcoin held in custody at Coinbase Prime, a position currently valued near $545 million after shedding roughly $235 million in market value over the past three months.

The company has quietly maintained that crypto exposure for years without the disclosure pressures faced by publicly traded firms. That’s likely to change soon.

According to a report from Bloomberg, Elon Musk’s space venture is preparing a confidential IPO filing with the SEC as early as March, potentially setting up a June listing that could become the largest ever. SpaceX is said to be targeting a valuation above $1.75 trillion and may seek to raise as much as $50 billion — surpassing the $29 billion record set by Saudi Aramco in 2019.

Embedded within that filing will be its bitcoin treasury.

Data from Arkham Intelligence shows wallets attributed to SpaceX held approximately $544.8 million in BTC as of Saturday morning, spread across 43 Coinbase Prime addresses. While the coin count has remained relatively steady at around 8,300 BTC since early 2026, the dollar value has fluctuated sharply with bitcoin’s price.

Back in December, when CoinDesk first reported on the holdings ahead of the anticipated IPO, the same stack was worth about $780 million, with bitcoin trading near $92,500. By early February — around the time of the SpaceX-xAI merger — the value had slipped to roughly $650 million as BTC hovered near $78,000.

At today’s levels, the company is facing an unrealized decline of about $235 million in just three months, despite not selling a single coin.

Once public, those swings will become part of the company’s financial narrative. Any downturn in bitcoin during a reporting period would translate into paper losses reflected in its filings, and future quarterly results would carry that volatility regardless of whether SpaceX trades its holdings.

There’s precedent. Tesla, also led by Musk, has previously recorded significant unrealized bitcoin losses during market drawdowns while largely maintaining its position. Those accounting impacts often generated attention disproportionate to their effect on Tesla’s broader operations. SpaceX could encounter similar headline risk, especially if its first disclosures coincide with a period of crypto weakness rather than strength.

Still, context matters. Tesla generated $94.8 billion in revenue and $17 billion in gross profit in 2025, suggesting that even sizable bitcoin-related markdowns can be relatively minor within the scale of Musk’s business interests.

Historically, SpaceX’s bitcoin portfolio peaked near $2 billion in late 2021 before declining sharply during the 2022 crypto bear market. Over the past two years, its value has fluctuated between roughly $400 million and $800 million.

Unlike Tesla — which has both sold and later repurchased bitcoin — blockchain data indicates SpaceX has largely held its entire position through multiple market cycles, showing little evidence of active trading.

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