SpaceX has been holding Bitcoin for a significant amount of time – longer than most other companies of similar size. Until recently, the exact amount of Bitcoin they owned was a major topic of discussion within the business and cryptocurrency world.
According to a filing with the Securities and Exchange Commission on May 20, 2026, the company held 18,712 Bitcoin as of March 31, 2026. These were purchased for around $661 million, averaging about $35,320 per Bitcoin.
SpaceX actually holds more than double the amount of Bitcoin previously estimated by research firms like Arkham Intelligence and Bitcoin Treasuries – over 16,570 BTC, compared to the previously tracked ~8,285 BTC. This difference is explained by the fact that SpaceX uses a third-party custodian to hold its Bitcoin. Standard on-chain analysis tools can only track Bitcoin associated with publicly known addresses, and holdings managed by regulated custodians aren’t visible through those methods.
Based on today’s Bitcoin price, the investment is currently valued at around $1.45 billion. However, according to the latest report, its fair market value was $1.29 billion on the date of the filing.
Untouched Since 2021
The most noticeable thing about this information is what hasn’t happened with this role for almost two years.
Per the S-1 and corroborating data from Bitcoin Treasuries, SpaceX:
- Began acquiring Bitcoin in early 2021, around the same time as Tesla’s much-publicized $1.5 billion purchase that year. The company at one point held as much as 25,724 BTC in February 2021.
- Reduced its position to zero by the end of 2022, mirroring Tesla’s well-documented sell-down during the 2022 bear market.
- Re-built the position over the following years to its current 18,712 BTC level.
- Has not made any new acquisitions since at least the end of 2024, with the Bitcoin balance disclosed in the filing identical to the company’s year-end 2024 holding.
The S-1 filing essentially reveals that the company holds a fixed amount of Bitcoin. They’ve maintained this significant Bitcoin allocation without increasing it during price increases, or selling any off during price drops.
A $112M Unrealized Loss After a $955M Gain
The document reveals how the value of SpaceX’s Bitcoin holdings changed over the past year. In the most recent fiscal year, they experienced an unrealized loss of $112 million. This is a significant shift from the $955 million unrealized gain they saw in 2024, when the price of Bitcoin increased.
The way this company accounts for its Bitcoin holdings follows new guidelines from the FASB, valuing the Bitcoin at its current market price and including any changes in value within its reported earnings. This means that fluctuations in Bitcoin’s price will directly impact the company’s reported profits, which is something the company briefly mentions as a potential risk in its filings but doesn’t fully explain.
How SpaceX’s Bitcoin Position Ranks
With a reported 18,712 Bitcoin, SpaceX is currently estimated to be the 11th largest corporate holder of Bitcoin worldwide. This amount exceeds the holdings of many other companies.
- Tesla, which held 11,509 BTC ($386M acquisition cost) as of its Q1 2026 disclosure after selling roughly 75% of its position in mid-2022.
- Coinbase corporate balance sheet holdings.
- Block Inc. (SQ).
- Hut 8 mining company.
MicroStrategy’s approach to Bitcoin is very different from SpaceX’s. MicroStrategy has been consistently buying Bitcoin, now holding about 45 times more than SpaceX – a total of 843,738 BTC. While MicroStrategy sees Bitcoin as a central part of its investment strategy, SpaceX seems to have made a single, strategic Bitcoin purchase between 2021 and 2024 and hasn’t added to it since.
Market and Industry Reaction
The revelation was ironic: the company, believed to hold around 8,285 Bitcoin based on public transaction data, actually held more than twice that amount. Surprisingly, analysts had been secretly tracking this company’s Bitcoin holdings for years.
Before the announcement, Arkham Intelligence identified around 8,280 Bitcoin linked to SpaceX. The company’s official filing reveals that SpaceX actually holds about 10,400 Bitcoin, with a significant portion stored in ways that standard tracking tools can’t detect. This is valuable information for anyone trying to estimate how much Bitcoin other private companies might be holding. As a result of this new information, the Bitcoin Treasuries database will need to be updated significantly.
Broader X commentary on the filing has split along three lines:
- Bitcoin maximalists framing the disclosure as further validation of the corporate-treasury thesis, particularly given the IPO context. With SpaceX targeting a reported $1.75 trillion to $2 trillion valuation, public-market investors buying SPCX shares will indirectly gain Bitcoin exposure.
- Treasury-strategy analysts noting the contrast with MicroStrategy’s accumulation cadence. Where Saylor’s MicroStrategy continues to add nearly every Monday, SpaceX operates on a “hold but don’t add” profile.
- Critics pointing to the apparent tension between the holding and Elon Musk’s recent federal court testimony that “most” cryptocurrencies are “scams.”
The Musk Statement That Hangs Over the Filing
This information was revealed three weeks after Elon Musk publicly shared his strongest opinions on cryptocurrency in several years.
As an analyst following the case, I was in the courtroom on April 30, 2026, and heard Elon Musk testify regarding his lawsuit against OpenAI. He was questioned about OpenAI’s early plans – specifically, a potential fundraising effort through an Initial Coin Offering, or ICO, back in 2018. His assessment, as reported from the courtroom, was that while a few of those ideas might have been legitimate, the majority seemed like scams.
The difference between what’s been said and the official company filing isn’t a major concern. Elon Musk has consistently separated Bitcoin and Dogecoin – seeing them as legitimate – from other cryptocurrencies and initial coin offerings, which he views as scams. The recent SpaceX filing supports this view: the company holds Bitcoin but has deliberately avoided investing in the wider, more speculative digital asset market.
Other Key Details From the Filing
Beyond the Bitcoin disclosure, the S-1 contains substantial material. Key items:
- Valuation and offering size: SpaceX is reportedly targeting a valuation of $1.75 trillion to $2 trillion and seeking to raise approximately $75 billion. This would make it the largest IPO in capital markets history, exceeding Saudi Aramco’s record $29.4 billion 2019 listing. Goldman Sachs, Morgan Stanley, BofA Securities, Citigroup, and J.P. Morgan are leading the syndicate, with a planned Nasdaq debut targeted for June 12, 2026 (Ticker: SPCX).
- Q1 2026 financials: Consolidated revenue of $4.69 billion for the three months ended March 31, 2026, with a loss from operations of $(1.94) billion and Adjusted EBITDA of $1.13 billion. The newly acquired AI segment (xAI, Grok, X) remains in heavy investment mode with $7.7 billion in Q1 capital expenditures.
- The xAI merger: SpaceX’s results have been retrospectively recast to include the February 2, 2026 acquisition of xAI, which itself acquired X in March 2025.
- The Anthropic compute deal: In May 2026, SpaceX signed Cloud Services Agreements with Anthropic PBC providing access to compute capacity across the COLOSSUS AI data centers. Anthropic will pay $1.25 billion per month through May 2029.
- The Cursor option: In April 2026, SpaceX entered an agreement granting it the right to acquire AI coding startup Cursor at an implied $60 billion equity value. If SpaceX terminates, Cursor is entitled to a $1.5 billion termination fee plus an $8.5 billion deferred services fee.
- Orbital AI compute roadmap: SpaceX disclosed plans to begin deploying orbital AI compute satellites as early as 2028—solar-powered data centers in Sun-synchronous orbit designed to deliver AI compute at lower costs than terrestrial equivalents.
What the Filing Does Not Disclose
The S-1 filing is striking for what it leaves out regarding Bitcoin. It doesn’t mention any plans to buy more, explain why the company is investing in it, reveal who is holding the Bitcoin, or detail any strategies to protect against price drops.
For those considering investing in SPCX, this means Bitcoin will be listed as an asset worth about $1.45 billion. However, its future value depends on how the price changes and what decisions the company’s board makes – and SPCX hasn’t publicly explained why it’s holding Bitcoin in the first place.
The big question now is whether SpaceX will use money from its recent stock offering to buy more Bitcoin. The company’s official documents don’t mention any plans to do so, but they don’t explicitly say it *won’t* either. For now, though, the announcement has achieved its purpose: it’s revealed the exact amount of Bitcoin SpaceX holds, something the crypto world had been trying to figure out for years.
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2026-05-21 09:41