If confirmed, SpaceX’s crypto holdings would surpass those of Tesla and even Coinbase, making the company one of the most significant corporate Bitcoin holders among major technology and infrastructure firms.
SpaceX Prepares for the Largest IPO in History
SpaceX is preparing to go public through an IPO that could become the largest public offering ever recorded. As part of the process, the company submitted an S-1 filing — a registration document that discloses financial statements, business structure, risks, assets, and strategic operations.
According to the filing, SpaceX is targeting a valuation of approximately $1.75 trillion and could raise as much as $75 billion. The scale of the offering could make the SpaceX IPO one of the most closely watched events in global financial markets.
For investors, the S-1 filing is a major milestone because it provides a clearer look into the company’s financial condition, revenue streams, expenses, capital expenditures, and long-term strategy.
SpaceX Financial Performance
The report states that SpaceX generated roughly $18 billion in gross profit during 2025. However, in the first quarter of 2026, the company recorded revenue of approximately $4.7 billion alongside a net loss of about $4.3 billion.
Starlink remains the company’s primary revenue driver, accounting for nearly 70% of total revenue. This highlights that the satellite internet business has evolved into one of the central pillars of SpaceX’s commercial operations.
The significant losses despite strong revenue likely reflect aggressive investments in infrastructure, satellite deployments, AI computing, research, manufacturing, and next-generation technologies.
Starlink’s Role in SpaceX
Starlink plays a central role in SpaceX’s financial ecosystem. The satellite internet service has become one of the company’s largest commercial projects and now generates a substantial portion of recurring cash flow.
For potential investors, Starlink may be especially attractive because its scaling model is more predictable than rocket launches. As more users connect to the network, recurring revenue potential increases significantly.
In addition, Starlink may continue expanding across government contracts, enterprise connectivity, aviation, maritime communications, and underserved global regions.
xAI and Massive Computing Investments
The filing also references xAI, which reportedly merged with SpaceX ahead of the IPO. According to the report, the AI segment generated approximately $818 million in revenue while posting losses of around $2.5 billion.
The document further notes that SpaceX recorded more than $10 billion in capital expenditures during the first quarter alone. Roughly 70% of those investments were directed toward xAI and computing infrastructure rather than rocket production.
This suggests that SpaceX is increasingly investing in artificial intelligence, data centers, large-scale computing systems, and infrastructure that may support future integrations between AI, communications, and space technologies.
The Bitcoin Surprise
One of the most surprising details in the filing was the disclosure of SpaceX’s Bitcoin holdings. According to the S-1, the company currently holds 18,712 BTC.
Previous blockchain research and online estimates suggested that SpaceX held roughly 8,285 BTC. However, the newly disclosed data indicates a substantially larger position.
Compared with other major corporate holders, SpaceX’s Bitcoin reserves exceed those of Tesla and even Coinbase, making digital assets a notable component of the company’s balance sheet.
Key Figures from the Filing
| Metric | Value |
|---|---|
| Potential IPO valuation | Approximately $1.75 trillion |
| Capital expected to be raised | Up to $75 billion |
| Bitcoin holdings | 18,712 BTC |
| Previously estimated BTC holdings | Approximately 8,285 BTC |
| 2025 gross profit | Approximately $18 billion |
| Q1 2026 revenue | Approximately $4.7 billion |
| Q1 2026 loss | Approximately $4.3 billion |
| Starlink share of revenue | Approximately 70% |
| xAI revenue | Approximately $818 million |
| xAI loss | Approximately $2.5 billion |
Why SpaceX’s Bitcoin Holdings Matter
Holding 18,712 BTC suggests that SpaceX may view Bitcoin not merely as a speculative asset, but as part of a broader long-term treasury strategy.
According to the filing, the average acquisition cost for Bitcoin in 2021 was around $35,300 per coin. As a result, the current market value of the holdings could differ substantially from the original accounting value.
Reports also indicate that SpaceX previously held as much as 25,000 BTC before reducing the position. The company, however, has not provided detailed comments regarding its crypto asset management strategy.
Comparison with Tesla and Coinbase
Interest surrounding SpaceX’s Bitcoin position has intensified because of comparisons with other major corporate holders. Tesla has long been known as one of the largest public corporate BTC holders, yet SpaceX’s disclosed reserves appear even larger.
Even more notable is the comparison with Coinbase. Despite being one of the largest crypto-native companies in the United States, Coinbase reportedly holds fewer BTC than SpaceX according to the filing.
This makes SpaceX an unusual example of a non-crypto-focused company holding a substantial amount of digital assets on its balance sheet.
Potential Market Impact
If the 18,712 BTC disclosure continues gaining attention following the IPO, it could strengthen institutional interest in corporate Bitcoin reserves.
For the crypto market, the information is particularly important because SpaceX is one of the world’s most recognizable technology brands. A large BTC position held by the company may be interpreted as another sign of institutional Bitcoin adoption.
At the same time, investors should remain aware of the risks associated with Bitcoin volatility, which can impact financial reporting, asset valuations, and overall market perception.
Why SpaceX Remains Quiet About Crypto
The filing notes that SpaceX has not disclosed a dedicated public strategy regarding its cryptocurrency holdings. The company also has not provided a detailed roadmap for managing its digital asset position.
This may be because crypto remains secondary to SpaceX’s core operations, which continue to focus on rocket launches, Starlink, communications infrastructure, defense contracts, AI development, and advanced engineering.
Nevertheless, the existence of such a large Bitcoin reserve could become a major topic among analysts and institutional investors once the company goes public.
The SpaceX IPO Could Reshape Markets
A potential SpaceX IPO valued at $1.75 trillion could become a historic event not only for the space industry, but also for the broader technology sector.
The company combines multiple large-scale businesses, including rockets, satellite internet, AI infrastructure, defense technologies, and global communications systems.
If the IPO proves successful, SpaceX could become one of the largest publicly traded companies in the world while attracting enormous institutional investor interest.
Conclusion
SpaceX is preparing for what could become the largest IPO in history, targeting a valuation of approximately $1.75 trillion and potentially raising up to $75 billion.
The S-1 filing revealed that the company holds 18,712 BTC — significantly more than previous estimates and reportedly more than both Tesla and Coinbase.
Beyond Bitcoin, the filing highlights Starlink’s dominant role in revenue generation, massive capital expenditures, Q1 2026 losses, and the growing importance of xAI and computing infrastructure.
For financial markets, this could signal that SpaceX is entering public markets not just as a space company, but as a broader technology powerhouse with major ambitions in communications, artificial intelligence, computing, and digital assets.