SpaceX's Bitcoin Bag Takes a $235M Re-Entry Burn Ahead of 'Moon-shot' IPO

Elon Musk's interplanetary taxi service is prepping for a confidential IPO filing as soon as March, targeting a June debut that could value SpaceX at a cool $1.75 trillion and raise up to $50 billion. That figure would make Saudi Aramco's 2019 record $29 billion raise look like a humble seed round, proving once again that the ultimate exit is literally leaving the planet.

Tucked away in the S-1 paperwork like a forgotten private key on a hardware wallet is a stash of 8,285 BTC, held in Coinbase Prime custody across 43 separate addresses. According to Arkham Intelligence, this celestial bag is now worth about $545 million, marking a not-so-gentle $235 million descent over the last quarter—a classic case of gravity affecting digital assets, too.

This depreciation perfectly mirrors Bitcoin's own price trajectory. Back in December, when BTC was cruising near $92,5k, the stack was worth a hefty $780 million. By early February, with BTC dipping to $78k, the value had slipped to around $650 million. Today, it's orbiting a value of roughly $545 million, proving that even rocket science can't defy crypto market cycles.

SpaceX hasn't sold a single satoshi, meaning the IPO filing will have to report these paper losses whenever Bitcoin's price dips. Future quarterly reports will inherit this same volatility, turning every earnings call into a potential side-quest of explaining unrealized crypto P&L. The playbook here was written by Tesla, which previously logged hundreds of millions in paper losses during downturns, creating headline risk that occasionally outshone its actual car business.

That said, Tesla's recent 2025 results—$94.8 billion in revenue and $17 billion in gross profit—suggest that Bitcoin's paper swings are, for Musk's empire, little more than a rounding error on the balance sheet of a company that sells flamethrowers. The core business can clearly absorb the noise.

SpaceX's BTC portfolio famously peaked near a lunar $2 billion back in late 2021, endured a brutal crash in 2022, and has since been oscillating between $400 million and $800 million. Unlike its corporate sibling Tesla, which actively traded its stack, the on-chain data suggests SpaceX has simply diamond-handed its way through every cycle—a true HODLer at heart, even if the portfolio is currently experiencing some atmospheric turbulence.