SpaceX has just revealed in its IPO filing submitted to the SEC on May 20, 2026, that it holds 18,712 BTC, valued at approximately $1.29 billion as of the end of the first quarter of 2026. Elon Musk’s company expects to list on the Nasdaq under the ticker SPCX, in a deal that could become one of the most closely watched IPOs in the US.
This disclosure quickly attracted the attention of the crypto market because SpaceX is not a crypto-native company. It is an aerospace and infrastructure enterprise, yet it enters the IPO story with over $1 billion worth of Bitcoin on its balance sheet.
SpaceX Officially Reveals Its Bitcoin Holdings
According to the S-1 filing, SpaceX holds 18,712 BTC with a total cost basis of about $661 million, equivalent to an average purchase price of about $35,300/BTC. This purchase price is much lower than Bitcoin’s price range, which was around $77,000-$78,000 on May 21.
SpaceX IPO filing shows Bitcoin holdings. Source: SpaceX
At the current price range, this amount of BTC could be worth around $1.45-$1.46 billion, meaning an unrealized profit of nearly $800 million compared to the initial cost.
Previously, SpaceX’s Bitcoin holdings were mainly mentioned through statements related to Elon Musk. This IPO filing provides more specific data, showing that Bitcoin is actually a part of the company’s treasury, rather than just information speculated by the market.
Why This Filing Matters For Bitcoin
The biggest impact of this disclosure may not lie in the amount of BTC held, but in the context of its appearance. Bitcoin is entering the IPO filing of one of the world’s most prominent private companies, in a deal that could attract massive attention from both Wall Street and the crypto market.
Elon Musk once said that both Tesla and SpaceX owned BTC, but SpaceX had never publicly disclosed the specific scale of its holdings. Therefore, the figure of 18,712 BTC in the S-1 filing is not only a new asset line but also confirms the scale of SpaceX’s Bitcoin treasury after years of the market mainly relying on Musk’s statements.
The IPO context gives this disclosure more weight. As SpaceX approaches the public market, this BTC holding will be more closely monitored by investors and analysts in subsequent filing amendments, roadshows, and post-listing financial reports.
For the crypto market, this is a new signal for the “Bitcoin as corporate reserve asset” narrative. As BTC increasingly appears in the treasury disclosures of companies outside the crypto industry, it gains more ground to be viewed as a reserve asset in corporate finance, rather than just a traded asset in the market.
A Different Kind Of Corporate Bitcoin Holder
Although the crypto market often reacts strongly to any information related to Elon Musk and Bitcoin, SpaceX is still quite far from the model of Strategy.
Strategy has repeatedly raised capital to buy more BTC and turned Bitcoin into a strategic focus. SpaceX does not. The company still needs a massive amount of capital for rocket development, Starlink, and long-term infrastructure projects, so the likelihood of SpaceX pursuing an aggressive accumulation strategy like Strategy is relatively low.
According to the AP, SpaceX recorded about $18.7 billion in revenue in 2025, but still suffered an operating loss of about $2.6 billion. TechCrunch reported that Starlink generated about $11 billion in revenue in 2025, while the Starship program consumed about $3 billion in R&D.
After the IPO, how SpaceX manages this BTC holding will also be more closely scrutinized. A large-scale public company usually faces more questions about liquidity, asset volatility risks, and treasury policies, especially if Bitcoin enters a sharp correction cycle.
Bitcoin Treasury Enters The IPO Narrative
In recent years, Bitcoin has no longer been just mentioned as a trading asset. BTC is increasingly appearing in ETF capital flows, large corporate treasuries, and discussions on how companies allocate reserve assets.
With SpaceX, the notable point is that this BTC holding appears right in the IPO filing of a non-crypto industry company. This could reinforce the narrative that Bitcoin is gradually being recognized by some major institutions as a reserve asset, even when it is not directly related to core business activities.
Subsequent S-1 amendments will show whether SpaceX elaborates further on its BTC holding policy. If the company continues to maintain its position post-IPO, this could become a major example of a corporate Bitcoin treasury outside the crypto industry. Conversely, any move to sell off could cause the market to reassess whether this Bitcoin holding is a signal of long-term adoption or just a notable detail in SpaceX’s IPO filing.
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