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.
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