- SpaceX filed its IPO prospectus on Wednesday and disclosed a position of 18,712 BTC purchased for $661 million – more than twice as much as estimated by blockchain tracking companies
- At the current rate of approximately $77,000 per bitcoin, that’s $1.45 billion and an unrealized profit of $790 million
- SpaceX has more bitcoins than Tesla (11,509 BTC) and enters public trading as one of the ten largest corporate BTC holders in the world
- Position unchanged since the end of 2024 – the company did not buy or sell throughout 2025
Blockchain doesn’t lie, but it can be secretive. Over the years, wallet tracking companies – Arkham Intelligence, BitcoinTreasuries – have estimated Musk’s position in SpaceX at around 8,285 BTC. This is the number quoted by the media, analysts and investors planning to participate in the IPO. On Wednesday evening, SpaceX filed its prospectus with the SEC, and the reality turned out to be more than twice that. 18,712 bitcoins. Over 10,000 BTC hidden beyond the reach of on-chain trackers, kept with external suppliers whose identities the company does not disclose.
This is not a random discrepancy. This is a signal that on-chain analysis has its limits wherever institutions use custody instead of their own wallets.
Musk bought cheap. It still holds today
SpaceX acquired the entire 18,712 BTC at an average price of $35,320 per bitcoin, paying a total of $661 million. Today, at a rate of approximately USD 77,000, the value of this position is approximately USD 1.45 billion – i.e. an unrealized profit of USD 790 million.
SpaceX first bought bitcoin in 2021 when it held 25,724 BTC. In 2022, the company sold all or most of that position and wrote off $373 million, according to documents reviewed by the Wall Street Journal. Then she bought it back – she purchased new 18,712 BTC at an average price of USD 35,320 per bitcoin, paying a total of USD 661 million. We don’t know exactly when it regained its position because SpaceX has never publicly disclosed it. We only know that from the end of 2024 the position is unchanged – no purchases, no sales. In 2024, this amounted to an unrealized gain of nearly $1 billion. In 2025, when the BTC price dropped from ATH, the company recorded a $112 million unrealized loss. Now it’s back in the black.
It is worth comparing this with Tesla – Musk’s second company with BTC on its balance sheet. Tesla has 11,509 BTC, which is clearly less than SpaceX. Interestingly, Tesla sold a significant portion of its position in 2022 during the bear market. SpaceX hasn’t sold anything.
The biggest IPO of the year with bitcoin in the background
SpaceX plans to debut on the Nasdaq in June under the ticker SPCX. The company is targeting a valuation of between $1.5 trillion and $2 trillion, which would make this debut one of the largest in stock market history. Revenues in Q1 2026 amounted to USD 4.69 billion, net loss USD 4.28 billion – the result was burdened by the costs of developing Starship, AI infrastructure and Starlink satellites.
BTC is not decoration here. In the SEC prospectus, bitcoin is listed alongside rockets, Starlink and orbital data center plans. It is an asset with a separate line on the balance sheet, valued at fair value every quarter. After the IPO, each investor purchasing SPCX shares will be indirectly exposed to the Bitcoin price – without having to open an account on a crypto exchange.
What does this mean for you
In my opinion, this news is more important than another article about “some company bought BTC”. SpaceX is not Michael Saylor with a megaphone and a strategy built around Bitcoin – it is a space company that quietly bought BTC five years ago, never spoke about it out loud and is just holding on.
This is a pattern that is starting to become apparent in more and more prospectuses and annual reports. Bitcoin enters corporate balance sheets not as a manifestation of ideology, but as an item in the “other assets” category. If you are a wealthy investor considering exposure to crypto through stocks instead of exchanges – the SpaceX IPO will be the first opportunity to buy a piece of one of the world’s largest private companies with ready-made BTC inside.
The risk is real: BTC at its current level of $77,000 is still over 38 percent below its October 2025 ATH. SpaceX’s Q1 net loss exceeded $4 billion. The $2 trillion valuation assumes growth that has yet to happen. This is not a safe deposit. This is a bet on Musk, space and Bitcoin at the same time.
