TL;DR
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SpaceX has filed for the biggest IPO ever, targeting a $1.75 trillion valuation.
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Its S-1 revealed 18,712 BTC, more than Tesla or Coinbase.
SpaceX is preparing to go public in the largest IPO in history. As part of going public, companies are required to file an S-1, a registration document where the company’s audited financials are revealed for the first time.
The company showed $18b top line for 2025 and a $4.3b loss on $4.7b in revenue in the first quarter of 2026. Starlink makes up around 70% of the revenue. Elon Musk and SpaceX target a $1.75 trillion IPO to raise $75b.
The AI segment, xAI, which recently merged with SpaceX ahead of this IPO, shows $818 million of revenue and a loss of $2.5b. The S-1 also shows over $10b in CAPEX spend during the first quarter of the year, with around 70% of that attributable to xAI and compute, rather than building rockets.
The Bitcoin Surprise
What’s also interesting in the S-1 is that SpaceX holds a lot more Bitcoin than previously thought. On-chain research had estimated that their holdings were around 8,285 BTC but their current balance sheet shows holdings of a whopping 18,712 BTC. That’s more than Tesla and even Coinbase.
They’re also holders. The cost basis for the BTC is around $35,300 per coin back in 2021. At one point, the company held even more, around 25,000 BTC, but the position has been trimmed at some point. There’s no comment on the holdings from the company and thus there’s no plan or disclosed for the holding.
