SpaceX has held bitcoin for years without ever having to explain why to the public market investors. That's about to change.

Bloomberg reported late Friday that Elon Musk's rocket and satellite company is targeting a confidential IPO filing with the SEC as soon as March, keeping it on track for a June listing that would be the largest in history. The company is expected to seek a valuation above $1.75 trillion and raise as much as $50 billion, eclipsing Saudi Aramco's 2019 record of $29 billion.

Buried inside that filing will be 8,285 bitcoin.

Arkham Intelligence data shows SpaceX's identified wallets held about $544.8 million in BTC as of Saturday morning, spread across 43 addresses in Coinbase Prime custody.

The balance has remained roughly stable around 8,300 BTC since at least early 2026, but the dollar value has moved sharply in the wrong direction. In December, when CoinDesk reported on the holdings ahead of the planned listing, the same stack was worth roughly $780 million at bitcoin's then price near $92,500.

By early February, when the SpaceX-xAI merger brought the position back into focus, it had dropped to around $650 million with bitcoin near $78,000.

Now it sits around $545 million. That's a $235 million decline in value over three months without SpaceX touching a single coin.

That means SpaceX's S-1 will show bitcoin-related paper losses for any period where BTC declined, and future quarterly earnings will carry that volatility regardless of whether the company buys or sells.

The Tesla example

Tesla offers the closest precedent, and it isn't reassuring.

Musk's automaker has booked hundreds of millions in paper losses during past drawdowns despite never changing its position, creating recurring headline risk that overshadowed the underlying business. SpaceX could soon face the same dynamic, except its first disclosure arrives during one of bitcoin's sharpest corrections in years rather than during a rally.

However, it's worth noting that Tesla reported total revenue of $94.8 billion and gross profit of $17 billion in 2025. So having millions of bitcoin paper losses in its balance sheet may not move the needle much for Elon Musk's companies.

SpaceX's BTC portfolio peaked near $2 billion in late 2021, crashed through 2022, and has spent the past two years fluctuating between $400 million and $800 million.

As such, SpaceX has shown no inclination to trade its position. Unlike Tesla, which sold and repurchased bitcoin, the Arkham data suggests SpaceX has simply held through every cycle.