SpaceX Surges After Record IPO as Bitcoin Holdings Stay Intact

SpaceX’s Bitcoin Treasury Remains Unchanged After IPO

SpaceX’s June 15, 2026 Form 8-K confirmed that 18,712 BTC remained on the company’s balance sheet, matching what the earlier S-1 registration statement had flagged. The filing showed the company had kept the position through the 2022 bear market, the 2024 halving cycle and its own IPO, with no disclosed additions or sales since SpaceX first accumulated Bitcoin in 2021.

SpaceX ranked seventh among tracked corporate Bitcoin treasuries and ahead of Coinbase. The filing also drew attention to a 2024 GAAP accounting rule update that requires Bitcoin held as an asset to be marked to market each reporting period, meaning price movements can pass through SpaceX’s profit-and-loss statement and equity.

That accounting treatment gives SPCX partial Bitcoin-like sensitivity without making the stock a Bitcoin ETF. Every $10,000 move in BTC translates into roughly $187 million in unrealized gain or loss on SpaceX’s books, creating an earnings effect tied to Bitcoin’s market movement.

Arkham had attributed only about 8,280 BTC to SpaceX wallet addresses before the S-1 filing, less than half of the disclosed balance. The difference was explained by SpaceX holding Bitcoin through third-party custodial arrangements, where coins sit in omnibus wallets that are not directly traceable to one corporate entity on-chain.

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AI Expansion and IPO Proceeds Shape the Growth Story

SpaceX’s post-IPO valuation was tied not only to launch systems and satellite infrastructure but also to its expansion into artificial intelligence. Elon Musk’s SpaceX acquired xAI in February 2026, bringing Grok models and data centers into the company.

The AI strategy expanded again when SpaceX formally agreed on Tuesday to take over Cursor, an AI coding startup, in a deal valuing Cursor at $60 billion. Cursor investors will have the right to receive SpaceX stock based on Cursor’s implied equity value, according to a company filing cited in the market material.

SpaceX’s AI push places the company in direct competition with OpenAI and Anthropic, both of which were described as having filed to go public. The June 15 Form 8-K said IPO proceeds would be used for AI compute infrastructure, launch infrastructure, launch vehicles and the scale and capacity of satellite constellations, with remaining proceeds going toward general corporate purposes.

ARK was cited as saying earlier in the week that SpaceX buying was funded by selling other holdings, framing the stock as part of the same risk budget that moves into Bitcoin and crypto. That point was presented alongside the view that risk appetite had returned, while also noting that SpaceX was drawing speculative capital into an expensive, unprofitable public-market asset.

Lukman Otunuga, head of markets at FXTM, warned that expectations leave little margin for disappointment. “With the expectations already sky high, there is little room for error. Should SpaceX disappoint down the line, the fallout will hit the broader stock market, as well as the beneficiaries of the AI boom,” Otunuga said.

SpaceX posted a $4.94 billion net loss in 2025 on $18.67 billion of revenue. At a roughly $2.5 trillion valuation, the company was said to trade at more than 130 times 2025 sales. A separate index-focused figure said 2025 revenue rose 33%, while SpaceX had recorded a $791 million profit in 2024 and a $4.3 billion loss in the first quarter of 2026.

The macro setting around SpaceX’s rally included several market-moving conditions. The Bank of Japan raised rates to 1%, the highest level since 1995; the Federal Reserve was expected to hold rates at Kevin Warsh’s first meeting as chair; gold held above $4,300; and oil and inflation fears were easing.

Index Inclusion Could Put SpaceX Into Passive Portfolios

SpaceX could enter millions of investor portfolios quickly because its Nasdaq debut created fast-entry routes into several major indexes. James Flintoft, head of investment solutions at AJ Bell, said the practical issue for passive investors was exposure timing rather than an active judgment on SpaceX’s valuation.

“The first practically important question for investors using index or passive strategies in their portfolios is not whether SpaceX is a good investment – it is will you hold it, where and when?” Flintoft said. He added that while SpaceX listed on Nasdaq, it would “take slightly longer to join the Nasdaq-100 index.”

Flintoft said Nasdaq-100 trackers, FTSE Russell-based products, MSCI World and MSCI All Country funds would gain exposure quickly. “If your portfolios include Nasdaq-100 trackers, FTSE Russell-based products, MSCI World or MSCI All Country funds, those products will acquire exposure within weeks of listing,” he said.

Flintoft also said the first index weights would be small because of restricted share availability. “The initial weighting will be measured in basis points given the constrained free float, but as lockup tranches release over the following six months, the weighting will grow – depending on how the share price performs,” he said.

SpaceX could appear in Nasdaq-100, FTSE Russell, MSCI and CRSP-linked products over the coming weeks as those indexes apply their inclusion schedules. CRSP-based portfolios matter because those indexes underpin many Vanguard U.S. index funds, meaning SpaceX exposure could enter widely held passive portfolios before the company becomes eligible for the S&P 500.

The 8-K also disclosed governance details for public shareholders. More than 103 million Series Preferred Stock shares converted into Class A or Class B common stock at IPO close. SpaceX’s Class B shares carry 10 votes each, compared with one vote per Class A share, preserving outsized voting control for Elon Musk after the listing.

SpaceX also amended its 2024 Equity Incentive Plan, which has 300,894,150 Class A shares available for employee awards. A separate stock purchase plan carries an additional 24,026,920 shares.