SpaceX has disclosed holdings of 18,712 bitcoins worth about $1.45 billion, more than double prior estimates, as part of its filing to go public with the U.S. Securities and Exchange Commission (SEC). The Form S-1 shows the company acquired the bitcoin for a total of $661 million, or roughly $35,000 per coin as of December 31, implying a large unrealized gain with bitcoin now trading near $77,500.
Bitcoin position larger than public estimates
The SEC filing confirms that SpaceX began buying bitcoin in 2021, the same year Tesla made its own $1.5 billion purchase. On-chain tracking firms had previously suggested SpaceX held far less, with some data last year indicating balances as low as 6,095 BTC.
More recent estimates from Arkham and Bitcoin Treasuries had placed SpaceX’s balance at about 8,280 BTC. The new disclosure of 18,712 BTC highlights the limitations of public blockchain analysis when coins are custodied by third parties and not easily linked to a specific company.
A bitcoin position of around 18,000 coins would make SpaceX one of the largest corporate holders of the asset worldwide, ahead of companies such as Coinbase.
Unrealized profit and market backdrop
Based on the acquisition cost of $661 million, SpaceX is sitting on substantial unrealized gains, further amplified by bitcoin’s push above $77,000. The disclosure lands during a period of market consolidation, with bitcoin attempting to hold support above $76,000 after failing to break through $80,000 earlier in May.
The confirmation of a significant bitcoin treasury at a second major company tied to Elon Musk underscores ongoing corporate interest in the asset despite sharp market cycles.
Comparison with Tesla and other corporates
Tesla, which began buying bitcoin the same year as SpaceX, later reduced its exposure in 2022, citing the impact of digital asset volatility on its financials. Public companies must reflect fair value changes in digital assets in their profit and loss, meaning rapid price moves can directly affect earnings.
Corporate accumulation has persisted into 2026. Strategy, the leading public holder of bitcoin, recently added 24,869 BTC, bringing its total to 843,738 coins. Executive chairman Michael Saylor has continued to fund purchases primarily through stock offerings, maintaining an aggressive accumulation strategy despite price swings.
New accounting rules add earnings volatility
Under new standards from the Financial Accounting Standards Board that apply to fiscal years beginning after December 15, 2024, SpaceX will be required to mark its digital assets to fair value each quarter once it is public. This will push bitcoin’s price moves directly through net income, introducing another source of volatility to its earnings statements.
Supporters argue the rule change improves transparency for traders by aligning reported values with market pricing. However, it also means reported profitability could fluctuate meaningfully with bitcoin’s performance, a factor traders will need to weigh when assessing SpaceX’s financial health post-IPO.
Massive market opportunity outlined
Beyond its bitcoin holdings, SpaceX used the S-1 to promote what it called the “largest actionable total addressable market in human history,” estimating a quantifiable opportunity of $28.5 trillion across its businesses. The figure is intended to frame the long-term scope of its launch, satellite, and related services as it moves toward a public listing.
The combination of a large digital asset position and an enormous stated market opportunity adds new financial dimensions to the company’s growth story as it prepares for public markets.
Broader market and institutional demand
The SpaceX disclosure comes as institutional demand remains central to the broader bitcoin narrative. Spot bitcoin ETFs have gathered tens of billions of dollars in assets since launch, even as the pace of new inflows has slowed in recent weeks.
Traders and analysts will now focus on SpaceX’s formal roadshow and the detailed prospectus language around its bitcoin strategy. How the company frames the role of bitcoin in its treasury, risk management, and capital allocation plans will be closely watched for signals on whether other large corporations may follow a similar path in the second half of the year.
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