SpaceX IPO filing reveals: Musk's company doubles Bitcoin holdings, becoming world's seventh-largest holder

By Forbes

Translated by: AididiaoJP, Foresight News

Elon Musk's SpaceX recently disclosed in its S-1 registration statement filed with the U.S. Securities and Exchange Commission (SEC) that it holds approximately 18,700 Bitcoin, valued at roughly $14 billion at current prices. This figure is significantly higher than the 8,300 Bitcoin previously estimated by blockchain analysts through on-chain tracking—nearly double the prior estimate.

SpaceX is preparing to launch its IPO next month with a target valuation of up to $2 trillion and plans to raise approximately $75 billion. This would rank among the largest IPOs in history and could pave the way for AI companies like OpenAI and Anthropic to go public. In its filing, the company stated that its quantifiable total addressable market (TAM) amounts to $28.5 trillion, calling it 'the largest actionable market in human history.'

According to the filing, the fair value of these Bitcoins is approximately USD 1.3 billion, with a cost basis of about USD 660 million and an average purchase price of roughly USD 35,000 per coin. At current Bitcoin prices, the holdings are now valued at USD 1.4 billion. SpaceX’s Bitcoin position would propel it to become the world’s seventh-largest Bitcoin holder, surpassing Coinbase exchange’s holdings of approximately 16,500 coins.

By comparison, Elon Musk’s other company, Tesla, still holds roughly 10,000 Bitcoins—what remains of its original USD 1.5 billion purchase in 2021, as most were sold off in 2022.

Although Musk has significantly reduced his public commentary on Bitcoin and cryptocurrencies in recent years, he continues to support Bitcoin and has repeatedly referred to Dogecoin as his 'favorite.' The SpaceX filing makes no mention of Dogecoin or Ethereum, though Musk has previously stated publicly that he personally holds both.

Musk has long criticized the U.S. dollar as 'hopeless' and asserted that 'energy is the real currency.' In October last year, he posted on X: 'Bitcoin is based on energy. You can print fake fiat currency—every government in history has done it—but you can’t forge energy.' He also believes that the global AI arms race is a key driver behind rising prices for gold, silver, and Bitcoin.

Bitcoin is currently trading around USD 80,000, well below its all-time high of USD 126,000 reached last October. It briefly dipped to a low of USD 60,000 in February this year. Although it has rebounded somewhat, the market overall still lacks strong momentum. Meanwhile, some smaller Bitcoin rivals are experiencing explosive growth.

SpaceX’s IPO filing also disclosed its first-quarter 2025 results: revenue of USD 4.7 billion and a net loss of USD 4.3 billion. Its Starlink satellite internet business remains the company’s primary profit and growth engine.

Additionally, Binance has launched pre-IPO perpetual futures contracts for SpaceX, allowing users to trade based on valuation expectations ahead of the company’s official listing. Shunyet Jan, Head of Binance Derivatives, stated: 'Pre-IPO perpetual futures are another example of Binance integrating crypto-native infrastructure with major financial events, offering users more flexible ways to participate in IPOs early on.'

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