Blockchain analysts were wrong by a wide margin. When SpaceX filed its S-1 registration statement with U.S. securities regulators ahead of its stock market debut on June 12, the company disclosed more than twice as much Bitcoin holdings as tracking firms had estimated.
Take a closer look at the numbers
SpaceX reported owning 18,712 bitcoins, worth about $1.45 billion, as of March 31. These numbers have puzzled much of the cryptocurrency world.
Companies like BitcoinTreasuries.NET and Arkham pegged their company’s holdings at around 8,285 bitcoins, less than half the actual amount.
According to SEC filings, the coins were purchased for an average of $35,320 each. At current prices, the position represents a significant profit.
SpaceX Form S-1 filing with the SEC.
With this disclosure, SpaceX ranks 7th among Bitcoin Holdings’ publicly traded companies. The rankings will become official once the company completes its IPO, which would see it leapfrog several prominent names in the enterprise Bitcoin space.
Bigger than Tesla
SpaceX’s stash also puts it ahead of Tesla, the electric car company led by Elon Musk. Tesla holds 11,509 Bitcoins. This is approximately 7,000 less coins.
Both companies started purchasing Bitcoin around the same time. According to reports, SpaceX began accumulating the cryptocurrency in early 2021, shortly after Tesla’s foray into digital assets. The similar timing suggests that Bitcoin adoption across Musk’s company is no coincidence.
SpaceX’s BTC holdings as of Dec. 31, 2025. Source: SEC
The IPO itself has numbers that are hard to ignore. SpaceX is targeting about $75 billion in funding, valuing the company at $1.75 trillion to $2 trillion.
If achieved, this will be recorded as the largest public offering in capital market history. The company said in its filing that it is targeting what it describes as the largest market in human history, a $28.5 trillion opportunity encompassing artificial intelligence, space exploration and global connectivity.
A new tier for investors
Once SpaceX begins trading, the stock will offer investors more than just aerospace exposure. Owning shares means gaining indirect access to one of the largest corporate Bitcoin positions among publicly traded companies.
This combination of rockets, satellites, AI ambitions, and multi-billion dollar cryptocurrency holdings gives it a different profile than most traditional IPOs.
SpaceX joins a short list of major companies that have moved Bitcoin to their balance sheets in a meaningful way.
The company’s filing makes clear that this position was no small experiment. The approximately 19,000 coins held over several years represent a deliberate, long-term strategy. This has been largely hidden from public view until now.
Featured image from Unsplash, chart from TradingView
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