Elon Musk’s SpaceX holds 18,712 Bitcoin valued at approximately $1.45 billion, according to an initial public offering (IPO) filing revealed on May 20, 2026. The disclosure, part of the company’s preparations to go public, shows a significantly larger position than the 8,285 BTC estimated in reports earlier this month. The filing indicates that SpaceX acquired its cryptocurrency at an average cost basis of roughly $35,000 per coin, appearing on the balance sheet as the aerospace company targets a Nasdaq listing under the ticker SPCX on June 12, 2026.
The revelation comes as SpaceX, headquartered in Starbase, Texas, moves toward a massive capital raise of $75 billion to $80 billion. The company is aiming for a total valuation between $1.75 trillion and $2 trillion. This financial transparency is a byproduct of the IPO process, giving the public its first verified look at the treasury of the private aerospace firm. Documents show Elon Musk maintains strict voting control, holding 93.6% of Class B shares and 12.3% of Class A shares.
As of May 18, 2026, SpaceX ranked as the fourth-largest private holder of the asset, trailing Block.one, Tether Holdings Limited, and Stone Ridge Holdings Group. While on-chain data and reports from mid-May 2026 suggested holdings of 8,285 BTC, the actual figure is more than double those estimates. Even with Bitcoin exchange supply reaching multi-year lows, SpaceX has maintained its core position steady since June 2022, following a period in 2021 and 2022 where it reportedly wrote down $373 million in Bitcoin holdings.
Portfolio activity and the xAI merger valuation
The financial disclosures detail a complex corporate structure following the merger between SpaceX and xAI in February 2026. In that transaction, the artificial intelligence startup was valued at $250 billion, resulting in a combined entity valuation of $1.25 trillion at the time of the deal. Despite reaching this valuation, the company reported a net loss of $4.28 billion for the first quarter of 2026, largely attributed to the costs of the xAI acquisition and continued development of the Starship program.
Starlink remains a primary revenue driver, reporting a 63% EBITDA margin that contributed to a total company revenue of $18.5 billion for 2025. With Bitcoin price analysis showing market resistance at key levels, the $1.45 billion stash provides a significant liquid asset on the company’s balance sheet. Under new FASB fair value accounting rules, SpaceX must mark these holdings to market every quarter once it begins trading publicly, which could result in fluctuations in reported net income.
SpaceX keeps its Bitcoin in a Coinbase Prime custody account, and though its position size has remained steady since mid-2022, the company has remained active with its digital wallets. In mid-December 2025, SpaceX moved its BTC assets to new addresses named specifically under the company. Earlier, on July 22, 2025, a wallet linked to the company transferred 1,308.45 BTC to a new address, valued at approximately $152.85 million at the time of that transfer.
IPO logistics and retail investor allocation
The lead underwriters for the SPCX offering include Goldman Sachs, Morgan Stanley, BofA Securities, Citigroup, and J.P. Morgan. Elon Musk plans to allocate up to 30% of the shares to retail investors, a move that aligns with his history of seeking broader participation in his ventures. The listing is set to take place on both the Nasdaq and the newly established Nasdaq Texas, providing dual-exchange visibility for the historic offering.
As the company nears its June debut, investors are weighing its high valuation against the nearly $5 billion loss reported for 2025. However, the operational record remains strong. As of March 31, 2026, the company had completed approximately 650 total launches. Notably, more than 85% of those missions utilized one or more reused boosters, a key component in the company’s cost-efficiency strategy as it scales its satellite internet and deep-space operations.
Institutional impact of the Bitcoin holdings disclosure
The scale of the 18,712 BTC position suggests a institutional conviction that mirrors Tesla’s well-known involvement in the digital asset market. SpaceX originally amassed around 25,724 BTC by early 2021 before reducing its peak holdings by roughly 70% in June 2022. The fact that the company has maintained such a substantial position through recent market cycles may influence other large-scale corporations currently evaluating whether to include digital assets in their corporate treasuries.
The integration of xAI could also signal a shift in how the company utilizes its technology and capital. Should Ethereum network growth and AI-driven platforms continue to gain traction, the combined resources of Starlink and xAI could position SpaceX at a unique intersection of global connectivity and decentralized computing. For now, the market’s focus remains on the upcoming $80 billion capital raise and whether SpaceX can sustain its $2 trillion target on the public markets.