SpaceX IPO Filing Reveals Major Bitcoin Reserve

SpaceX Discloses Bitcoin Holdings

SpaceX disclosed 18,712 BTC in the filing, with a cost basis of $661 million and reported fair value ranging from $1.293 billion to $1.637 billion. Market pricing put the holding near $1.45 billion to $1.46 billion when Bitcoin traded around $78,000.

The filing says SpaceX “has ownership of and control over its digital assets,” which consist of Bitcoin. It also says the company uses and expects to continue using third-party custodians to hold its Bitcoin.

SpaceX’s implied average Bitcoin purchase price is roughly $35,300 per BTC. The disclosure would place SpaceX among the largest corporate Bitcoin holders and could make it the seventh-largest Bitcoin holder globally if the IPO succeeds, ahead of Coinbase, Strive, and Tesla.

Tesla was reported to hold 11,509 BTC, while Strategy remained far ahead as the largest corporate Bitcoin holder with 843,738 BTC. SpaceX reportedly transferred $94 million worth of Bitcoin in December as part of a weekly pattern, with nearly two months in late 2025 seeing the aerospace company move about $100 million each week.

Musk Control and SpaceX Financials

Elon Musk’s voting control reaches 85% through 849.5 million Class A shares and 5.57 billion Class B shares. The filing states that no other individual or entity owns more than 5% of the company.

SpaceX reported 2025 revenue of $18.67 billion, up 33%. The company also reported a $4.94 billion loss for 2025 and a $4.28 billion loss in the latest quarter, reflecting heavy spending across rockets, satellites, computing, and AI infrastructure.

SpaceX generated $4.69 billion in first-quarter revenue. Starlink accounted for $3.26 billion, equal to 69% of total revenue, and had 10.3 million subscribers.

SpaceX now divides its business into Space, Connectivity, and AI. Connectivity, which covers Starlink, was the only segment that generated operating profit in the quarter, posting $1.19 billion. The Space unit lost $619 million, while the AI unit lost $2.5 billion.

Starlink adoption was driven by rural broadband demand, government contracts, foreign telecom partnerships, and competition with major broadband providers including Comcast.

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Anthropic Deal and AI Expansion

The filing highlighted an AI compute agreement with Anthropic under which SpaceX is set to receive $1.25 billion per month until May 2029. Anthropic is using all capacity from SpaceX’s Colossus 1 facility in Memphis, Tennessee, representing more than 300 megawatts of computing power.

The Anthropic arrangement can be terminated by either party with 90 days’ notice. The filing indicated that capacity would increase from May and June at reduced rates.

Anthropic was also reported to have shown interest in collaborating with SpaceX on space-based compute capacity that could reach several gigawatts.

SpaceX acquired xAI in February. Elon Musk said earlier this month that he plans to dissolve xAI as a separate company and place SpaceX in charge of all his AI products.

Musk said SpaceX is offering AI compute “at significant scale” and expects, especially through orbital data centers, to serve AI demand at extremely high scale over time.

Tesla has generated about $890 million in revenue from SpaceX and xAI since 2023. SpaceX bought around $131 million worth of Tesla Cybertrucks last year, underscoring the financial links across Musk-controlled companies.

SpaceX’s IPO story also carries operational risk. Reports noted a worker death at a Texas site after a fall from scaffolding and prior reporting of hundreds of worker injuries at SpaceX that were not publicly recorded.

Binance Launches SPCXUSDT Pre-IPO Futures

Binance launched the SPCXUSDT pre-IPO perpetual futures contract shortly after SpaceX’s listing plans became public. The contract gives traders synthetic exposure to SpaceX price expectations before official shares begin trading.

The Binance SPCXUSDT contract is USDT-margined and offers up to 5x leverage. It does not provide real SpaceX share ownership, dividends, voting rights, or shareholder protections.

Binance’s pre-IPO contract pricing is based on investor sentiment from private investment rounds, secondary trades among existing shareholders, and SpaceX’s S-1 filing. The contract is expected to track the public share price directly after the IPO.

SPCXUSDT opened at $206, climbed to $224, fell as low as $197, and later settled around $208. The move produced a 13.8% day-one trading range, while 24-hour trading volume crossed $50 million.

Hyperliquid had already launched SpaceX-linked pre-IPO perpetuals under the SPCX ticker. OKX and Bitget were also reported to offer their own SpaceX pre-IPO exposure products.

Binance’s main advantage is distribution scale because any Binance account holder can take a synthetic position before IPO shares become available. That lowers the access barrier that normally favors accredited investors or venture-connected buyers.

Pre-IPO contract exposure carries structural risk because prices can diverge sharply from the eventual IPO share price. Leverage can magnify losses, and synthetic futures do not grant normal shareholder rights.

IPO and Bitcoin Market Context

Jay Ritter, who runs the IPO program at the University of Florida, tracked roughly 9,300 companies that went public on major U.S. exchanges from 1980 through 2025 and found that first-day trading typically lifted IPO prices by 19% on average.

The ten largest U.S. IPOs, including Alibaba, Meta, Uber, and Rivian, dropped by a median 10% after three months and a median 31% after one year.

COIN360 showed the Bitcoin crypto price near $77,900 after losing momentum above $82,000.