Bitcoin exposure still a mystery ahead of expected March IPO
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Image: SpaceX
The value of SpaceX’s bitcoin holdings has fallen sharply in the run-up to the expected stock market launch (IPO). The company currently has around 8,285 bitcoins in custody with Coinbase Prime, worth roughly $545 million. This represents a $235 million drop compared with the previous quarter, when bitcoin prices were higher.
SpaceX has held these bitcoin assets for several years without publicly commenting on them. With the upcoming listing, expected as early as March, details of its cryptocurrency holdings will, however, be made public. The company is aiming for a valuation of more than $1.75 trillion and wants to raise up to $50 billion, potentially surpassing the record-breaking 2019 IPO of Saudi Aramco.
Although the bitcoin holdings have remained relatively stable at around 8,300 BTC since at least early 2026, their value in dollars has fluctuated significantly due to market volatility. This exposes SpaceX to potential paper losses on its bitcoin holdings, which will be reflected in future quarterly reports.
Tesla offers a relevant example of how such exposure can play out. Despite never having sold its bitcoin position, the company has incurred substantial paper losses during market downturns, leading to recurring negative headlines that have overshadowed its core activities. SpaceX could face a similar challenge, especially in light of the current sharp correction in bitcoin prices.
Given SpaceX’s expected revenue and profitability, however, the impact of bitcoin-related losses on its overall financial position is likely to be minimal. Over the past two years, the value of SpaceX’s bitcoin portfolio has fluctuated between $400- and $800 million, showing that the company is prepared to hold its positions through market cycles, in contrast to Tesla, which actively traded its bitcoin positions.
Business AM