SpaceX IPO Filing Reveals $1.29B Bitcoin Holdings

SpaceX disclosed in its S-1 IPO filing with the SEC on May 20, 2026, that it holds 18,712 BTC valued at approximately $1.29 billion as of Q1 2026. The company, led by Elon Musk, plans to list on Nasdaq under ticker SPCX. The cost basis is $661 million, averaging $35,300 per BTC, with an unrealized profit of nearly $800 million at current prices around $77,000-$78,000. This marks the first official confirmation of SpaceX's Bitcoin treasury size, previously only hinted at by Musk. The disclosure is significant as it places Bitcoin in the IPO of a major non-crypto company, reinforcing the narrative of Bitcoin as a corporate reserve asset. SpaceX reported $18.7 billion in revenue in 2025 but an operating loss of $2.6 billion; Starlink generated $11 billion in revenue, while Starship consumed $3 billion in R&D. Unlike Strategy, SpaceX is unlikely to aggressively accumulate more BTC due to capital needs for rockets and infrastructure. Post-IPO, the holding will face scrutiny from investors and analysts regarding liquidity and volatility risks.