SpaceX S-1 Reveals 18,712 Bitcoin Holdings Valued at $1.29 Billion
SpaceX confirmed on Wednesday that it plans to go public, a move that could set up what may become the largest initial public offering on record and further elevate CEO Elon Musk's standing among the world's wealthiest individuals.
The rocket-launch and satellite internet company filed its S-1 registration statement with the U.S. Securities and Exchange Commission, giving investors a detailed look at one of the most valuable private companies ahead of an IPO expected next month.
The filing shows SpaceX held 18,712 bitcoin on its balance sheet as of March 31, recorded at a fair value of $1.29 billion. Those same holdings were valued at $1.64 billion as of Dec. 31, 2025. SpaceX said it held 18,712 units of Bitcoin as of March 31, 2026 and Dec. 31, 2025, with a cost basis of $661 million and fair values of $1,293 million and $1,637 million, respectively. At a spot price of $77,526, the position would be worth roughly $1.45 billion.
The disclosure places SpaceX among a small group of major corporations with meaningful bitcoin exposure. Tesla holds 11,509 bitcoin, according to BitcoinTreasuries data, while Michael Saylor's Strategy remains the largest corporate holder with 843,738 bitcoin.
SpaceX is reportedly targeting a valuation above $1.5 trillion, with some reports pointing to a possible $2 trillion. At those levels, the company would debut among the world's 10 most valuable publicly traded firms alongside Apple, Microsoft and Nvidia. A pricing at the upper end could also eclipse Saudi Aramco's 2020 listing, the largest IPO to date, when the oil producer raised $29.4 billion and was valued at about $1.7 trillion.
Demand is expected to be strong given SpaceX's leading position in commercial launch services and satellite-based internet through Starlink. The company has widened its edge with reusable rockets and a rapidly expanding global satellite network.
Beyond the bitcoin disclosure, the S-1 provides a rare window into SpaceX's financial profile, including revenue growth, capital expenditures, legal risks and ownership structure. Investors have also focused on how much voting power Musk would retain as a public company.
SpaceX reported 2025 revenue of $18.7 billion, up from $14 billion in 2024, according to the filing. Musk will serve as CEO, Chief Technical Officer and board chairman. The offering would also underscore the broader trend of bitcoin adoption in corporate finance as large technology companies continue adding digital assets to their balance sheets.
