SpaceX IPO Documents Reveal: Musk’s Company Doubles Bitcoin Holdings
May 25, 2026
SpaceX, the brainchild of Elon Musk, recently revealed in its S-1 registration statement submitted to the U.S. Securities and Exchange Commission (SEC) that it holds around 18,700 bitcoins, valued at approximately $1.4 billion based on current market rates. This number is nearly double what was previously estimated by blockchain analysts who tracked on-chain transactions, which had pinpointed about 8,300 bitcoins held by SpaceX.
As SpaceX gears up for its upcoming initial public offering (IPO) in the next month with a target valuation of up to $2 trillion and aims to raise about $75 billion, it is poised to make history with one of the largest IPOs ever. This move might also pave the way for other companies like OpenAI and Anthropic to follow suit and go public. According to the filing, SpaceX has identified its total addressable market (TAM) at a staggering $28.5 trillion, labeling it as “the largest actionable market in human history.”
The documents from SpaceX outline that the fair value of their bitcoin holdings is roughly $1.3 billion, with a cost basis of around $660 million, indicating an average purchase price of approximately $35,000 per coin. With the current market prices for bitcoin, the value of these holdings has surged to $1.4 billion, solidifying SpaceX as the seventh-largest corporate holder of bitcoin globally, surpassing Coinbase’s reported holdings of about 16,500 bitcoins.
In stark contrast, Tesla, another company under Musk’s leadership, still possesses approximately 10,000 bitcoins, which are the remainder of their $1.5 billion acquisition in 2021, with most of it being sold off in 2022.
Elon Musk, infamous for his advocacy for cryptocurrencies and publicly declaring Dogecoin as his “favorite,” has tapered off his commentary on bitcoin and crypto lately. However, he has maintained his pro-bitcoin stance. While the SpaceX filing does not reference Dogecoin or Ethereum, Musk has previously revealed his personal holdings in both these assets.
Musk’s vocal disdain for the U.S. dollar as he deems it “hopeless” in contrast to his belief that “Energy is the real currency” has been evident for some time. In a post on X, Musk emphasized that “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 further asserts that the escalating prices of gold, silver, and bitcoin are fueled by the global AI arms race.
Presently, bitcoin is hovering around the $80,000 mark, a significant drop from its peak at $126,000 in October last year. It briefly dipped to $60,000 in February this year before making a partial recovery, though overall market momentum remains subdued. Additionally, several smaller bitcoin alternatives are witnessing explosive growth.
In the meantime, SpaceX’s financial results for the first quarter of 2025 indicate revenue of $4.7 billion but a net loss of $4.3 billion. Starlink, the company’s satellite internet venture, serves as its main driver for profit and growth.
Moreover, Binance has introduced perpetual futures contracts tied to SpaceX’s pre-IPO valuation, allowing users to speculate on the company’s value ahead of its official listing. Shunyet Jan, Head of Derivatives at Binance, remarked that these pre-IPO perpetual futures exemplify Binance’s commitment to integrating crypto-native infrastructure with significant financial events, empowering users with more flexible participation in IPOs early on.
