SpaceX holds roughly 8,285 bitcoin in custody with Coinbase Prime, a position now worth about $545 million after losing approximately $235 million in value over the past three months.

For years, the Elon Musk-led rocket and satellite company has maintained its crypto exposure outside the glare of public market scrutiny. That is poised to change.

A report from Bloomberg said SpaceX is preparing a confidential IPO filing with the U.S. Securities and Exchange Commission as early as March, potentially paving the way for a June listing that could rank among the largest ever. The company is reportedly targeting a valuation above $1.75 trillion and could seek to raise as much as $50 billion — eclipsing the $29 billion record set by Saudi Aramco in 2019.

Within that filing will be disclosure of its bitcoin holdings.

Blockchain data from Arkham Intelligence shows wallets linked to SpaceX held about $544.8 million in BTC as of Saturday morning, distributed across 43 addresses under Coinbase Prime custody. While the total coin balance has remained relatively stable at around 8,300 BTC since early 2026, its dollar value has fluctuated significantly with bitcoin’s price swings.

In December, when CoinDesk previously reported on the holdings ahead of the anticipated listing, the same stack was valued near $780 million, with bitcoin trading around $92,500. By early February — during renewed attention following the SpaceX-xAI merger — the value had slipped to roughly $650 million as BTC traded near $78,000.

At current prices, the company is sitting on roughly $235 million in unrealized losses over a three-month span, despite not selling any bitcoin.

Once SpaceX goes public, those fluctuations will become more visible. Any period of declining bitcoin prices would translate into reported paper losses in its filings, and future quarterly earnings would reflect mark-to-market volatility regardless of whether the company adjusts its holdings.

The closest comparison is Tesla, another Musk-led enterprise. Tesla has previously recorded substantial unrealized losses during bitcoin downturns even while largely maintaining its position, generating headlines that sometimes overshadowed its core automotive performance. SpaceX could encounter similar scrutiny — particularly if its debut disclosures coincide with a weaker crypto market.

At the same time, scale may blunt the impact. Tesla reported $94.8 billion in revenue and $17 billion in gross profit in 2025, suggesting that even sizable bitcoin-related swings may represent a relatively small component of Musk’s broader business empire.

Historically, SpaceX’s bitcoin position peaked near $2 billion in late 2021 before declining sharply during the 2022 bear market. Over the past two years, its value has fluctuated between roughly $400 million and $800 million.

Unlike Tesla — which has both sold and later re-accumulated portions of its bitcoin — onchain data indicates SpaceX has largely maintained a buy-and-hold strategy, retaining its full stack through multiple market cycles.