SpaceX’s IPO filing has put a major crypto story back in the spotlight: the company disclosed a large Bitcoin treasury, showing how deeply Elon Musk’s business empire remains tied to digital assets. The filing says SpaceX held 18,712 BTC as of March 31, with a fair value of about $1.29 billion at that time and roughly $1.45 billion at current prices.

What the filing showed

According to reporting on the filing, SpaceX’s Bitcoin was carried at a cost basis of $661 million, implying an average purchase price of about $35,324 per coin. The company also said it uses third-party custodians to safeguard the assets, which is standard for large institutional holders that want to reduce operational and security risk. That makes SpaceX one of the largest corporate Bitcoin holders disclosed in a public offering document.

Why it matters

The disclosure is important because IPO filings give investors a formal window into a company’s balance sheet, risk exposure, and accounting treatment. In SpaceX’s case, the Bitcoin position adds another layer to an already closely watched listing story, especially as the company is reportedly heading toward one of the biggest IPOs ever discussed in the market. It also shows that crypto remains part of the capital strategy for some of the world’s most valuable private firms.

Profit, loss, and timing

SpaceX’s crypto position has also had a meaningful accounting impact. Reports tied to the filing say the company recorded an $112 million unrealized loss on Bitcoin in the latest year, after posting a paper profit of about $955 million in 2024 when crypto prices rose sharply. That swing highlights how volatile Bitcoin can be on corporate financial statements, even when the company is not actively trading the asset.

Bigger business picture

The Bitcoin disclosure arrives alongside other big numbers around SpaceX’s business. Reuters reported earlier this year that the company generated about $8 billion in profit on roughly $15 billion to $16 billion in revenue last year, while other reports said SpaceX’s 2025 performance included a nearly $5 billion loss on more than $18.5 billion in revenue. The mixed reporting reflects how closely investors are now scrutinizing SpaceX’s finances as a potential public-market debut approaches.

Investor takeaway

For investors, the headline is not just that SpaceX owns Bitcoin, but that the company is willing to disclose it in a formal IPO filing. That suggests crypto is no longer a side note in the balance sheets of some major tech and aerospace firms; it is becoming a visible treasury asset with real accounting consequences. If SpaceX eventually lists publicly, this Bitcoin reserve could become one of the most watched corporate crypto positions in the market.