SpaceX Holds $603 Million in Bitcoin Despite $5 Billion Loss Tied to xAI

SpaceX holds 8,285 bitcoin worth $603 million in Coinbase Prime custody, making it the fourth-largest corporate bitcoin holder, with holdings unchanged since mid-2024 despite market volatility that saw their peak value exceed $1.6 billion in October 2025. The company swung from an $8 billion profit in 2024 to nearly $5 billion loss in 2025, driven primarily by integration costs from Elon Musk's xAI acquisition in February 2025, even as revenue grew from $15-16 billion to $18.5 billion. SpaceX has filed for an IPO that will publicly disclose its bitcoin position for the first time and may require fair-value accounting decisions under new FASB rules that took effect in late 2025. The unchanged cryptocurrency holdings through a period of significant operational losses raise questions about SpaceX's treasury strategy and financial priorities as it prepares to enter public markets.

SpaceX's Bitcoin Holdings and Corporate Treasury Strategy

• ▪SpaceX's last significant bitcoin movement was an internal rebalance approximately four months before April 2026, involving 614 BTC and 1,021 BTC moving between SpaceX's own wallets.
• ▪SpaceX's bitcoin holdings peaked above $1.6 billion in value during October 2025.
• ▪SpaceX's bitcoin holdings have remained unchanged since mid-2024.
• ▪SpaceX holds 8,285 bitcoin worth approximately $603 million in Coinbase Prime custody as of April 2026.
• ▪SpaceX is the fourth-largest known corporate bitcoin holder behind Strategy, Marathon Digital, and Riot Platforms.

Financial Performance Reversal and xAI Integration Costs

• ▪SpaceX's revenue grew to $18.5 billion in 2025.
• ▪The integration costs of xAI drove SpaceX's costs past its revenue in 2025.
• ▪SpaceX generated roughly $8 billion in profit in 2024.
• ▪SpaceX's 2024 revenues were estimated between $15 billion and $16 billion.
• ▪SpaceX reported a loss of nearly $5 billion for 2025.
• ▪Elon Musk's artificial intelligence venture xAI was acquired by SpaceX in February 2025.

IPO Plans and Accounting Implications

• ▪SpaceX filed for an IPO that would disclose its bitcoin position in public filings for the first time.
• ▪SpaceX's IPO filing may force a fair-value accounting decision under new FASB rules that took effect in late 2025.

Perspective of SpaceX investors and IPO stakeholders

• ▪SpaceX's $13 billion swing from $8 billion profit to $5 billion loss raises questions about the company's financial stability ahead of its IPO.
• ▪The xAI acquisition's integration costs creating a $5 billion loss suggest potential risks in SpaceX's diversification strategy beyond aerospace.
• ▪SpaceX's decision to maintain $603 million in bitcoin holdings while reporting nearly $5 billion in losses may concern investors seeking capital preservation.

Perspective of Corporate bitcoin advocates

• ▪SpaceX maintaining 8,285 BTC through a period of financial losses shows bitcoin holdings are viewed as strategic assets rather than emergency liquidity.
• ▪SpaceX's unchanged bitcoin position since mid-2024 demonstrates corporate confidence in cryptocurrency as a store of value despite market fluctuations.

Perspective of Financial accounting regulators and analysts

• ▪SpaceX's accounting treatment of its $603 million bitcoin holdings under new FASB rules may establish important precedents for other companies holding digital assets.
• ▪SpaceX's IPO filing will be among the first major tests of FASB's new fair-value accounting rules for cryptocurrency that took effect in late 2025.

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