SpaceX filed its S-1 registration statement with the Securities and Exchange Commission on May 20, 2026, revealing that Elon Musk's aerospace company holds 18,712 Bitcoin acquired at a total cost of approximately $661 million. The position surpasses Tesla's 11,509 BTC balance and makes SpaceX one of the larger corporate Bitcoin holders entering U.S. public markets.

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How SpaceX Built Its Bitcoin Position Before the IPO Filing

SpaceX started buying Bitcoin in 2021 at an average price of roughly $35,320 per coin. The company recorded a $955 million gain on its holdings in 2024, then posted an approximately $112 million unrealized loss in 2025 as Bitcoin pulled back from peak prices. No additional purchases or sales have been disclosed since the end of 2024 - the position has sat unchanged on the balance sheet for over a year.

Before the S-1 was public, blockchain analytics tools had estimated SpaceX held around 8,285 BTC based on wallet tracking. The actual count came out to more than double that figure, a gap that reflects how much of the position sits with third-party custodians whose wallets are not visible on-chain. SpaceX confirmed in the filing that it stores Bitcoin through external custodians.

The disclosure puts SpaceX approximately 11th globally among corporate Bitcoin holders - well behind MicroStrategy's 843,738 BTC but ahead of Coinbase, Block Inc., and Hut 8.

18,712 BTC at $1.29B: What the S-1 Balance Sheet Shows

As of March 31, 2026, SpaceX carried the 18,712 BTC at a fair value of $1.29 billion. With Bitcoin trading near $77,000 at the time of the filing's publication, the same position was worth approximately $1.45 billion at spot prices. The S-1 does not name the custodians or break down acquisition costs by year.

New fair-value accounting rules require companies to mark crypto holdings through their income statements each quarter, meaning Bitcoin's price moves will show up directly in SpaceX's reported earnings going forward. That adds a layer of quarterly volatility to a company that already posted a $4.28 billion net loss in Q1 2026 on $4.69 billion in revenue.

GameStop made a similar treasury move earlier this year, signaling that corporate Bitcoin adoption is spreading beyond dedicated treasury firms. SpaceX's entry is larger than most and comes with far greater public scrutiny given the scale of the offering.

Why SPCX Buyers Get Bitcoin Exposure Without Choosing It

Investors buying SPCX shares on Nasdaq will carry indirect Bitcoin exposure as part of the deal. The position is large enough to move SpaceX's balance sheet meaningfully during a sharp BTC price swing in either direction, and there is no indication in the filing that SpaceX plans to hedge.

The market has already responded. Pre-IPO perpetual contracts for SPCX launched on Hyperliquid via Trade.xyz, opening at $150 per share - implying a $1.78 trillion valuation - before spiking to $216 within hours and settling near $203.

The Bitcoin strategy looks different from MicroStrategy's approach, which accumulates Bitcoin on a near-weekly basis as its core capital thesis. SpaceX's position reads as a one-time strategic allocation made during a specific buying window and left alone since. The company has not indicated any plan to buy more.

SpaceX IPO Pricing Set for June 11 Under Nasdaq Ticker SPCX

Goldman Sachs, Morgan Stanley, BofA Securities, Citigroup, and J.P. Morgan are joint book-running managers for the offering. SpaceX is targeting a valuation of $1.75 trillion to $2 trillion and plans to raise approximately $75 billion - which would rank among the largest public offerings in history.

Pricing is scheduled for June 11, 2026, with trading on Nasdaq and Nasdaq Texas expected to begin June 12 under the ticker SPCX. Elon Musk will remain CEO, CTO, and chairman after the listing, holding 93.6% of Class B shares and 12.3% of Class A shares, which preserves his voting control.

SpaceX reported $18.7 billion in 2025 revenue, up from $14 billion in 2024. The S-1 also shows an accumulated deficit of $41.3 billion as of March 31, 2026.

SpaceX starts trading June 12 under SPCX. Watch how a $1.45B Bitcoin balance sheet plays out in public markets - Web Snack tracks the institutional moves.

P.S. This article is for informational purposes only and does not constitute investment advice. Always conduct your own research and make independent decisions.