SpaceX disclosed ownership of 18,712 bitcoin in its S-1 filing submitted May 20, the first public confirmation of Elon Musk’s aerospace company holding a significant cryptocurrency position. The filing shows a total cost basis of approximately $661 million, implying an average acquisition price of around $35,300 per coin.
As of March 31, the holdings carried a fair value of approximately $1.293 billion, representing an unrealized gain of $632 million. At current prices near $77,000, the position is worth closer to $1.45 billion.
Seventh-Largest Corporate Bitcoin Holder
The disclosure places SpaceX among the largest known corporate bitcoin holders, though far behind Michael Saylor’s Strategy, which controls 843,738 BTC valued at $65 billion. SpaceX slots in seventh, behind Twenty One Capital (43,513 BTC), Metaplanet (40,177 BTC), MARA Holdings (38,689 BTC), and Bullish (24,000 BTC).
The filing doesn’t specify when SpaceX accumulated the position. An average cost basis of $35,300 suggests acquisitions occurred during bitcoin’s mid-cycle run in late 2024 or early 2025, when prices traded in that range. The company held the bitcoin through the recent volatility that pushed prices from January highs above $100,000 down to current levels.
IPO Opens Retail Access
SpaceX’s S-1 marks the company’s long-anticipated move toward public markets, with retail access expected through Charles Schwab, Fidelity, Robinhood, SoFi, and E*TRADE. Binance has already launched pre-IPO perpetual contracts on the offering.
The bitcoin disclosure adds another dimension to what’s being billed as the largest IPO in history. Whether SpaceX plans to hold, add to, or eventually liquidate the position remains unclear, the filing offers no forward guidance on treasury strategy. For now, it’s a $1.45 billion bet that’s already paid off, and another data point in the growing list of corporate treasuries treating bitcoin as more than a passing experiment.
