Most companies that just lost $5 billion would sell whatever they could. SpaceX kept its bitcoin.
Elon Musk's space firm holds 8,285 BTC - about $603 million worth - stored at Coinbase Prime. The stack hasn't moved since mid-2024, even after the firm posted a $5 billion loss last year tied to its xAI arm.
SpaceX is planning a filing that could lead to a June listing. If it goes through, the firm could be worth more than $1.75 trillion - the biggest IPO ever. The raise could top $50 billion.
That puts its bitcoin on a public stage. Every quarter, gains and losses from holding BTC would show up in reports for the world to see.
SpaceX is now the fourth-biggest known corporate bitcoin holder. Keeping the full stack through a $5 billion loss year - instead of selling to clean up the books - tells investors Musk sees bitcoin as a long hold, not a quick trade.
If the IPO goes through, SpaceX could pass Tesla as the biggest public bitcoin holder.
The filing could land any day. When it does, investors will see for the first time how SpaceX tracks its bitcoin - and whether the bet helped or hurt.
