SpaceX reveals $1B in Bitcoin gains in S-1 filing

SpaceX just showed its hand. The company’s S-1 registration statement, filed with the SEC on May 20, revealed that Elon Musk’s rocket venture holds 18,712 Bitcoin purchased at a total cost of $661 million.

That stash was valued at $1.29 billion as of March 31, translating to an unrealized gain exceeding $780 million.

The numbers behind SpaceX’s Bitcoin bet

The average acquisition price works out to approximately $35,300 per BTC. By the time the filing hit SEC desks, prevailing market prices pushed the total value closer to $1.45 billion.

Prior on-chain estimates had pegged SpaceX’s holdings at roughly 8,285 BTC held in custody on Coinbase Prime. The actual number, 18,712, is more than double what blockchain sleuths had tracked.

SpaceX has maintained its Bitcoin position steady since the end of 2024, according to the filing. The company uses third-party custodians for asset management, meaning it hasn’t been actively trading in or out of the position.

An IPO of historic proportions

SpaceX is targeting what would be the largest IPO in history, aiming to raise approximately $75 billion with a valuation target exceeding $1.75 trillion, potentially stretching toward $2 trillion.

For context, Saudi Aramco’s 2019 IPO raised $25.6 billion and held the record for years. SpaceX is swinging for three times that figure.

The eye-popping valuation is partly explained by SpaceX’s acquisition of xAI, Musk’s artificial intelligence venture, which closed in February 2026.

What this means for Bitcoin and crypto investors

SpaceX’s filing changes the corporate Bitcoin conversation in a meaningful way. MicroStrategy (now Strategy) has long been the poster child for corporate Bitcoin accumulation. Tesla famously bought $1.5 billion in Bitcoin back in 2021, sold some, kept some. SpaceX holding 18,712 BTC and disclosing it in an S-1 filing, right before the biggest IPO ever, sends a different signal entirely.

When SpaceX goes public, anyone buying shares will be getting a sliver of Bitcoin exposure embedded in the equity. At a $1.75 trillion valuation, the Bitcoin position represents less than 0.1% of total enterprise value.

SpaceX held steady through the end of 2024 and beyond without selling. A $780 million unrealized gain can shrink quickly in crypto markets, and any material markdown between the March 31 valuation date and the actual offering could create awkward optics.