SpaceX IPO Documents Reveal: Musk’s Company Doubles Bitcoin Holdings, Becoming World’s Seventh-Largest Holder
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SpaceX IPO Documents Reveal: Musk’s Company Doubles Bitcoin Holdings, Becoming World’s Seventh-Largest Holder
Musk’s SpaceX stake is far larger than expected; Tesla still holds 10,000 BTC.
Navigating Web3 tides with focused insightsBy: Forbes
Translated by: AididiaoJP, Foresight News
SpaceX, the company founded by Elon Musk, recently disclosed in its S-1 registration statement filed with the U.S. Securities and Exchange Commission (SEC) that it holds approximately 18,700 bitcoins—valued at roughly $1.4 billion at current market prices. This figure is nearly double the previously estimated 8,300 bitcoins identified by blockchain analysts through on-chain tracking.
SpaceX is preparing to launch its initial public offering (IPO) next month, targeting a valuation of up to $2 trillion and aiming to raise approximately $75 billion. This would rank among the largest IPOs in history—and could pave the way for AI companies such as OpenAI and Anthropic to go public. In its filing, the company states its quantifiable total addressable market (TAM) stands at $28.5 trillion, calling it “the largest actionable market in human history.”
SpaceX’s Bitcoin Holdings Details
According to the filing, the fair value of these bitcoins is approximately $1.3 billion, with a cost basis of about $660 million and an average purchase price of roughly $35,000 per coin. At current bitcoin prices, the holdings’ market value has risen to $1.4 billion. SpaceX’s bitcoin position would elevate it to the world’s seventh-largest corporate holder of bitcoin—surpassing Coinbase’s reported holdings of approximately 16,500 bitcoins.
In contrast, Musk’s other company, Tesla, still holds around 10,000 bitcoins—the remainder of its $1.5 billion purchase in 2021, most of which was sold in 2022.
Musk’s Stance on Cryptocurrency
Although Musk has publicly commented less frequently on bitcoin and cryptocurrencies in recent years, he continues to express support for bitcoin and has repeatedly referred to Dogecoin as his “favorite.” The SpaceX filing makes no mention of Dogecoin or Ethereum, though Musk has previously stated he personally holds both assets.
Musk has long criticized the U.S. dollar as “hopeless” and declared, “Energy is the real currency.” In an October post on X last year, he wrote: “Bitcoin is backed by energy—you can print fake fiat money, and every government in history has done so—but you cannot fake energy.” He also believes the global AI arms race is a key driver behind rising prices for gold, silver, and bitcoin.
Market Context
Bitcoin is currently trading near $80,000—significantly down from its all-time high of $126,000 reached in October last year. It briefly dipped to a low of $60,000 in February this year. While it has rebounded somewhat, the broader market remains lacking strong momentum. Meanwhile, several smaller bitcoin competitors are experiencing explosive growth.
The IPO filing also reveals SpaceX’s first-quarter 2025 financial results: $4.7 billion in revenue and a net loss of $4.3 billion. Starlink, the company’s satellite internet business, serves as its primary profit and growth engine.
Additionally, Binance has launched perpetual futures contracts tied to SpaceX’s pre-IPO valuation, enabling users to trade expectations of the company’s valuation ahead of its official listing. Shunyet Jan, Head of Derivatives at Binance, stated: “Pre-IPO perpetual futures represent another example of Binance integrating crypto-native infrastructure with major financial events—we’re empowering users with more flexible ways to participate in IPOs earlier.”
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