8,285 Bitcoin, 29 Satellites, One Massive IPO: SpaceX’s Big Week

At its peak, SpaceX sat on roughly 28,000 Bitcoin — a position then valued at around $1.8 billion. Today, that number stands at 8,285 BTC, worth approximately $574 million. The company shed nearly 70% of its original holdings over a two-year stretch that coincided with one of crypto’s worst downturns.

A Treasury Quietly Cut Down

In August 2023, a Wall Street Journal report based on reviewed financial documents revealed that SpaceX wrote down $373 million in Bitcoin value across 2021 and 2022 and had sold its cryptocurrency holdings, though the extent of the sale was not disclosed.

The disclosure sent Bitcoin briefly below $25,000 and triggered over $386 million in futures liquidations. SpaceX, as a private company, was never required to explain the sell-off publicly. The timing, reports noted, tracked closely with the collapse of major crypto firms including Terraform Labs and FTX.

That reduced stack is now heading into the spotlight. SpaceX is preparing for what could be the largest initial public offering in history — a listing that Bloomberg reported in late February could raise as much as $50 billion and push the company’s valuation to around $1.75 trillion. For context, Saudi Aramco’s 2026 debut raised $29 billion. A SpaceX listing would blow past that figure.

What The IPO Changes

At a $1.75 trillion valuation, the $574 million in Bitcoin on SpaceX’s books is a drop in the ocean. But the symbolism carries real weight. Very few of the world’s largest companies hold Bitcoin as a balance sheet asset, and a company of SpaceX’s scale going public with BTC in its books would put that practice in front of a new class of institutional investors.

On March 19, SpaceX launched 29 Starlink satellites from Cape Canaveral aboard a Falcon 9 rocket, a routine mission for a company that is now the world’s busiest launch provider.

Starlink’s constellation has grown to nearly 10,000 satellites in orbit. Data shows the service had 9.2 million active users globally at the end of 2025, and revenue is projected to hit $24 billion in 2026 — up from $10 billion the year before. That growth is the engine driving SpaceX’s valuation case ahead of the listing.

Arkham Intelligence, which tracks on-chain data, places SpaceX 18th among corporate Bitcoin holders worldwide. Strategy, formerly known as MicroStrategy, holds over 761,000 BTC and has set a public target of reaching 1 million coins before year-end 2026.

Bitcoin was trading at approximately $70,650 at the time of publication.

Featured image from Unsplash, chart from TradingView