SpaceX’s Bitcoin Holdings and IPO Plans
In a recent filing with the U.S. Securities and Exchange Commission (SEC), SpaceX disclosed that it possesses 18,712 bitcoin, valued at approximately $1.45 billion. While Elon Musk had previously indicated that SpaceX owned bitcoin, the specific amount was not known, and blockchain analysts had undervalued the company’s total bitcoin assets.
SpaceX is believed to have initially invested in bitcoin in 2021 amid the surge in cryptocurrency interest during the pandemic, acquiring the holdings for a cumulative total of $661 million. Musk mentioned SpaceX’s bitcoin on a panel discussion featuring Twitter co-founder Jack Dorsey, now CEO of Block (previously Square). In 2024, the holdings generated a $955 million paper gain, followed by a $112 million unrealized loss in 2025, but overall, the investments remain profitable. Following its upcoming IPO, SpaceX is expected to become the seventh-largest corporate holder of bitcoin among publicly traded firms, as per BitcoinTreasuries data, surpassing Coinbase’s holdings by over 2,000 bitcoin. Previous blockchain analysis had suggested the company’s bitcoin count was closer to 8,000 coins.
Tesla’s Bitcoin Position
Another of Elon Musk’s enterprises, Tesla, also holds bitcoin on its balance sheet. As reported in early 2026, Tesla owned 11,509 bitcoin. The company briefly permitted customers to purchase vehicles using bitcoin in 2021, but rescinded this option amid environmental concerns regarding the reliance on non-renewable energy for mining.
Critics have since eased their ESG objections as the use of renewable energy in bitcoin mining has increased. Some, including Musk, have suggested that bitcoin mining could benefit the economics of renewable energy. Musk had previously stated that Tesla would consider accepting bitcoin payments again once 50% of the Bitcoin network’s power utilization came from renewable sources, although the company has yet to restart this payment option. At one point, Tesla sold roughly 75% of its bitcoin holdings, but it is uncertain if SpaceX has ever liquidated any of its assets.
Elon Musk and Dogecoin
Elon Musk has shown a personal preference for Dogecoin over Bitcoin, although he mentions it less frequently these days. Neither Tesla nor SpaceX has any Dogecoin listed as corporate assets. However, Tesla does accept Dogecoin for smaller accessory purchases on its online shop. Musk has articulated various reasons for supporting Dogecoin, including its enhanced transaction capacity, its accidental perpetual inflation feature, and the lasting appeal of the doge meme. He has often claimed that “the most entertaining outcome is the most likely” when considering Dogecoin’s potential to become a global currency.
The price of Dogecoin surged to nearly $1 during Musk’s appearance on Saturday Night Live five years ago, but it currently trades around $0.10. Those initial price fluctuations led to a 2024 lawsuit alleging market manipulation and securities fraud against Musk and Tesla, which a federal judge dismissed, characterizing Musk’s comments as mere aspirational rhetoric.
SpaceX’s IPO Expectations
The recent IPO filing for SpaceX highlights the scale of its public debut, anticipated to raise as much as $75 billion, making it potentially the largest IPO in history and surpassing Saudi Aramco’s 2020 record of $29.4 billion. With a targeted valuation exceeding $2 trillion, Musk might become the world’s first trillionaire. He is set to retain over 85% of the voting power post-IPO, continuing in his roles as CEO, chairman, and chief technology officer, with exclusive rights to appoint or dismiss board members and even himself.
Market Speculations
Even before SpaceX’s stock enters the public market, traders are speculating on its valuation through derivatives. The prediction market platform Polymarket currently estimates a greater than 70% chance that the IPO will exceed a $2 trillion valuation, while several cryptocurrency exchanges, including Binance and Hyperliquid, have launched pre-IPO perpetual contracts linked to SpaceX’s anticipated share performance.
