At its peak, SpaceX had about 28,000 bitcoins, which at the time were worth about $1.8 billion. Currently, that number is 8,285 BTC, which is equivalent to approximately $574 million. The company lost nearly 70% of its original holdings in two years, coinciding with one of the worst slumps in cryptocurrency.
The Treasury has been quietly cut
In August 2023, a Wall Street Journal report based on reviewed financial documents stated that SpaceX had recorded $373 million in bitcoin value over 2021 and 2022 and sold its cryptocurrency holdings, although the size of the sale was not disclosed.
This disclosure caused the price of Bitcoin to briefly fall below $25,000 and resulted in over $386 million in futures being liquidated. As a private company, SpaceX did not have to publicly explain the sale. According to the report, that period closely tracked with the collapse of major cryptocurrency companies, including Terraform Labs and FTX.
Bitcoin company launches satellite
SpaceX just launched 29 Starlink satellites and holds 8,285 BTC ($573.8 million).
With up to 10,000 satellites in orbit and a potential $1.75 trillion IPO, one of the world’s largest companies is adding Bitcoin to its balance sheet. Read more below. pic.twitter.com/oUxtDoimee
— Arkham (@arkham) March 21, 2026
That reduced stack is now in the spotlight. SpaceX is preparing for the largest initial public offering (IPO) in history. The listing could raise up to $50 billion and value the company to about $1.75 trillion, Bloomberg reported in late February. For context, Saudi Aramco’s 2026 debut raised $29 billion. The SpaceX listing will likely surpass that figure.
What IPOs are changing
Valued at $1.75 trillion, 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 the size of SpaceX opening BTC on its books would put this 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 the company that has now become the world’s busiest launch provider.
Starlink’s constellation has grown to nearly 10,000 satellites in orbit. According to data, the service had 9.2 million active users globally by the end of 2025, and revenue is expected to reach $24 billion in 2026, up from $10 billion the previous year. This growth is the engine driving SpaceX’s valuation case ahead of its IPO.
Arkham Intelligence, which tracks on-chain data, ranked SpaceX 18th among corporate Bitcoin holders globally. Strategy, formerly known as MicroStrategy, holds over 761,000 BTC and has set a public goal of reaching 1 million coins before the end of 2026.
At the time of publication, Bitcoin was trading at around $70,650.
Featured image from Unsplash, chart from TradingView
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