SpaceX’s upcoming Nasdaq debut has unveiled a much larger Bitcoin position than previously known. According to its S-1 filing, the company holds 18,712 BTC worth approximately $1.42 billion at current prices. This is more than double the 8,285 BTC that on-chain analysts had publicly identified, and it tops Tesla’s reported balance of 11,509 BTC. Grayscale Research noted that with this stash, SpaceX is on track to become the largest diversified public company holding Bitcoin upon its IPO on June 12, targeting a valuation of up to $1.75–$2 trillion and a $75 billion capital raise.
The filing reveals SpaceX accumulated most of its Bitcoin during the 2021 bull market at an average cost of roughly $35,000 per coin, for a total cost of $661 million. The position generated a $955 million paper gain in 2024, then swung to a $112 million unrealized loss in 2025 — illustrating the volatility that impacts reported earnings. However, Bitcoin remains a small line item relative to SpaceX’s core rocket, Starlink, and government contracts, representing just 0.1% of its targeted IPO valuation.
The news has drawn comparisons to MicroStrategy, which holds 843,738 BTC. While MicroStrategy’s CEO Michael Saylor has turned the company into a leveraged Bitcoin proxy, SpaceX treats its holding as a hedge — a “cushion against fiat currency erosion” without betting the entire company on crypto. Grayscale categorizes SpaceX among diversified businesses like Tesla, Coinbase, and Block, whereas MicroStrategy is a pure-play digital asset treasury.
Adding to the institutional narrative, Tokyo-listed Bitcoin Japan Corporation announced it has invested in SpaceX through a U.S.-based private secondary market transaction handled by its subsidiary BTCJPN US LLC. The investment, executed via a Special Purpose Vehicle, aligns with Bitcoin Japan’s focus on AI infrastructure, satellite communications, and digital connectivity. CEO Phillip Lord emphasized that SpaceX’s global-scale infrastructure assets — launch systems and Starlink — represent long-term opportunities. However, the company cautioned that as a private firm, there is no guarantee of future liquidity events or returns.
The combined corporate Bitcoin holdings now total around 1.24 million BTC, over 5% of total supply, signaling that institutional crypto adoption is no longer a fringe experiment. Crypto exchanges Bitget and Bybit have already launched SPCXUSDT perpetual contracts, offering leveraged exposure to the SpaceX IPO narrative even before official pricing.
