SpaceX Bitcoin stack hits $637m before IPO

SpaceX Bitcoin holdings stand at $637m, on-chain data shows, making it the fourth largest known corporate holder.

SpaceX holds 8,285 BTC worth approximately $637 million in Coinbase Prime custody, according to on-chain data from Arkham Intelligence as analyzed by Finbold on May 18.

The position has been unchanged since June 2022, when the company trimmed its holdings from a peak of roughly 28,000 coins over a three-week period, a reduction of approximately 70% from its peak.

The $637 million valuation places SpaceX as the fourth-largest known private corporate Bitcoin holder, trailing Block.one, Tether Holdings Limited, and Stone Ridge Holdings Group. Arkham data shows the company sitting on an unrealized profit of more than $360 million on the position at current prices.

SpaceX Bitcoin position to go public with IPO

SpaceX is targeting a June 12 Nasdaq debut under the ticker SPCX, with its public S-1 expected as early as May 20 and the roadshow kicking off the week of June 8. The company filed its confidential draft registration with the SEC on April 1, targeting a raise of approximately $75 billion at a $1.75 trillion valuation.

Once listed, the Bitcoin position will appear in quarterly filings under the FASB fair-value accounting rules that took effect in late 2025, making it visible to all investors for the first time. The crypto.news Bitcoin price page tracks the asset anchoring that treasury position in real time.

Whether SpaceX characterises Bitcoin as a strategic reserve or a tradeable position in its S-1 language will signal how seriously the company views crypto as part of its long-term financial strategy. For a company preparing the largest IPO in history, the framing of a $637 million crypto holding carries material investor interest.

SpaceX held Bitcoin through a $5b loss

SpaceX generated $18.5 billion in revenue in 2025 but reported a loss of nearly $5 billion after absorbing costs from its February 2026 acquisition of Elon Musk’s AI venture xAI. The company made no moves to liquidate its Bitcoin position despite the balance-sheet pressure.

As crypto.news reported on American Bitcoin’s Q1 2026 results, publicly traded mining companies are similarly holding or expanding Bitcoin treasury positions even as they pivot infrastructure toward AI.

Corporate Bitcoin accumulation has accelerated broadly in 2026. When SpaceX lists publicly, it will bring a potential $1.75 trillion valuation into the corporate Bitcoin holder cohort, adding institutional weight to the asset class that crypto.news has tracked across its ongoing coverage of institutional Bitcoin positioning.