SpaceX's planned IPO could reveal its substantial bitcoin holdings and reshape crypto accounting

SpaceX is preparing to take a step into public markets that would dwarf nearly every previous offering, and in doing so will also lift the veil on a substantial, long-held bitcoin position that has until now been largely off the regulatory record.

According to Bloomberg, the company is weighing a confidential registration with the U.S. Securities and Exchange Commission as early as March, aiming for a possible June flotation that could value the business in the roughly US$1.5–1.75 trillion range and raise as much as US$30–50 billion. If realised at the upper end, that would eclipse Saudi Aramco’s 2019 debut as the biggest IPO in history. Bloomberg says proceeds would help bankroll ambitious projects including expanded Starlink capabilities and other capital-intensive initiatives tied to space-based data and artificial intelligence.

The S-1 filing required for a U.S. listing would also compel SpaceX to disclose its cryptocurrency holdings and to account for them under financial-statement rules. That shift matters because accounting standards force changes in the market value of digital assets into reported results, meaning swings in bitcoin’s price could produce headline-making quarterly gains or losses that have little to do with launches, satellite service revenue, or vehicle development.

The size and recent history of SpaceX’s bitcoin reserve is now emerging through on-chain research and reporting. Arkham Intelligence data cited in multiple accounts indicates SpaceX controls 8,285 BTC held across custody addresses on Coinbase Prime. At prices in early March 2026 that balance has been valued at roughly US$545 million. By contrast, Arkham and other on-chain trackers have flagged occasional movements from wallets tagged to SpaceX: in July 2025 a transfer of about 1,308 BTC was recorded, and more recently transfers of roughly 2,485–2,495 BTC have been reported by Arkham and other blockchain monitors. Those moves sent coins to previously inactive addresses; on-chain evidence shows little sign that the assets were sold immediately following the transfers.

Those on-chain events help explain why public estimates of SpaceX’s bitcoin holdings and their market worth have diverged. Some coverage has cited a remaining balance near 6,977 BTC after the July transfer, while other tracking still shows the larger 8,285 BTC figure. Industry observers say such differences can stem from the timing of snapshots, how custodial or cold-storage addresses are attributed, and whether transfers represent internal reorganisation rather than disposals. According to Arkham Intelligence, at least some of the recent activity appears to reflect internal reallocations or custodial changes rather than outright sales.

The volatility of bitcoin has already produced sizeable paper moves on corporate balance sheets elsewhere: when bitcoin fell from near US$92,500 in December to around US$78,000 in early February, the same stack lost hundreds of millions of dollars in notional value. Tesla’s past reporting has shown how holdings of digital assets can produce large non-cash headline swings even without active trading; accounting rules treat those price changes as items that flow through earnings or other comprehensive income depending on the classification used.

Analysts and market participants say the requirement to mark such assets to market will complicate investor assessment of SpaceX’s operational performance. “Once public, those swings will flow through SpaceX’s financial statements,” one analyst commented in coverage, noting that investors will need to separate cryptocurrency-driven earnings volatility from core aerospace and satellite metrics.

Beyond the accounting implications, the timing of any listing is likely to be watched closely by the broader technology and crypto communities. Reports suggest SpaceX’s IPO would join a wave of large-scale capital raises from AI and space-tech firms, with proceeds potentially directed toward ambitious plans such as modified Starlink infrastructure for AI workloads and other space-based computing concepts discussed publicly by company insiders and industry commentators.

SpaceX has not issued a public statement in the material supplied with these reports; accordingly, reporting relies on Bloomberg’s account of the company’s IPO plans and on blockchain-analysis firms for the bitcoin position. As filings progress, the S-1 , or a confidential draft filed with regulators , is expected to disclose precise holdings and accounting treatments, which will provide the clearest picture of how the company intends to manage its crypto exposure alongside its core aerospace business.