Elon Musk's SpaceX holdings are far more than expected, while Tesla still holds 10,000 coins.

Written by: Forbes

Translated by: AididiaoJP, Foresight News

Elon Musk's SpaceX recently disclosed in its S-1 registration filing with the U.S. Securities and Exchange Commission (SEC) that it holds approximately 18,700 bitcoins, valued at about $1.4 billion at current prices. This is significantly higher than the 8,300 coins identified through on-chain tracking by blockchain analysts, nearly doubling the previously reported amount.

SpaceX is preparing to launch its IPO next month, with a target valuation of up to $2 trillion and plans to raise approximately $75 billion. This could be one of the largest IPOs in history and may pave the way for AI companies like OpenAI and Anthropic to go public. The company states in the document that its quantifiable total addressable market (TAM) is up to $28.5 trillion, making it the "largest actionable market in human history."

Details of SpaceX's Bitcoin Holdings

The document shows that the fair value of these bitcoins is approximately $1.3 billion, with a purchase cost basis of around $660 million, and an average purchase price of about $35,000 per coin. If calculated at the current bitcoin price, the holdings value has risen to $1.4 billion. SpaceX's bitcoin holdings will propel it to become the seventh-largest holder of bitcoin globally, surpassing the approximately 16,500 coins held by Coinbase exchange.

In contrast, Musk's other company Tesla still holds about 10,000 bitcoins, which is just a remaining portion of its $1.5 billion acquisition in 2021, most of which has been sold in 2022.

Musk's Crypto Stance

Although Musk's public commentary on bitcoin and cryptocurrencies has decreased in recent years, he continues to support bitcoin and has repeatedly called dogecoin his "favorite." The SpaceX document does not mention dogecoin or ethereum; however, Musk has previously publicly stated his personal holdings in the latter two.

Musk has long criticized the dollar as "hopeless" and claimed that "energy is the real currency." In October last year, he posted on X platform saying: "Bitcoin is based on energy; you can issue fake fiat currency, every government has done this throughout history, but you cannot counterfeit energy." He also believes that the global AI arms race is a key factor driving up the prices of gold, silver, and bitcoin.

Market Background

Currently, the bitcoin price hovers around $80,000, significantly down from the historical high of $126,000 set last October. It briefly dipped to a low of $60,000 in February this year. Although it has rebounded, the overall market still lacks strong momentum. At the same time, some small bitcoin competitors are experiencing explosive growth.

SpaceX's IPO application also disclosed its Q1 2025 performance: revenue of $4.7 billion, and a net loss of $4.3 billion. Among these, the Starlink satellite internet business is the company's main profit and growth engine.

Moreover, Binance has launched SpaceX pre-IPO perpetual futures contracts, allowing users to trade its anticipated valuation before the company officially goes public. Binance's derivatives business head Shunyet Jan stated: "Pre-IPO perpetual futures are another example of how Binance is combining crypto-native infrastructure with significant financial events. We are providing users with a more flexible way to participate in the IPO early."