SpaceX, the aerospace technology company founded by Elon Musk, officially confirmed its plans to go public after filing with the United States Securities and Exchange Commission (SEC) the S-1 form, the financial document that companies must submit before debuting on the public market. But beyond the firm’s expected IPO, one of the data that caught the most attention was the enormous bitcoin reserve that the company maintains: 18,712 BTC currently valued at more than USD 1.45 billion. According to the presentation, The 18,712 bitcoins owned by the company were originally acquired for about USD 661 million, which implies an average cost close to USD 35,000 per coin. With bitcoin trading – at the time of this note – above USD 77,000, these reserves practically doubled in value and became worth more than USD 1.45 billion.
The purchase of bitcoin began in 2021, almost in parallel with the investment of USD 1.5 billion made by Tesla that same year. Since then, both companies have partially adjusted their positions. Tesla sold a significant portion of its reserves in 2022, while reports from Arkham Intelligence showed that SpaceX had temporarily reduced its holdings to just over 6,000 BTC. Still, the new SEC filing confirms that the company’s exposure to the digital asset remains gigantic.
Financial document that reveals that the company held 18,712 BTC at the end of 2025. Source: SEC The presentation made it possible to learn for the first time internal details of one of the most valuable private companies in the world. An S-1 functions as a complete financial x-ray of a company. It reveals income, losses, legal risks, share structure, growth plans and the strategic bets with which it seeks to attract investors. In the case of SpaceX, the document also made clear that the company can no longer be defined solely as a rocket company. SpaceX was born 24 years ago with the idea of reducing the cost of space launches through reusable rockets. However, the S-1 shows a much more ambitious transformation. Today the firm operates as a technology conglomerate that combines aerospace businesses, satellite internet through Starlink, artificial intelligence and significant exposure to the cryptocurrency market. With more than 18,000 bitcoins, SpaceX would position itself as the seventh largest corporate holder of BTC in the world, even ahead of Coinbase. Only companies like Strategy, the firm led by Michael Saylor, maintain significantly larger reserves. The revelation also shows how bitcoin is becoming increasingly integrated into American corporate finance. For many technology companies, keeping BTC on their balance sheets represents a long-term bet against inflation and a way to diversify treasury. However, this strategy also has risks. Due to accounting standards applied to public companies, strong fluctuations in the price of bitcoin can cause volatility in quarterly results.
The largest IPO in history?
Beyond bitcoin, the document shows the magnitude that SpaceX has reached. The company reported revenue of $18.7 billion in 2025, up from $14 billion in 2024, driven primarily by Starlink and space launch contracts. In addition, he claimed to have identified a potential market of USD 28.5 trillion, which he described as “the largest total addressable and actionable market in the history of humanity.” SpaceX also highlighted its advances in artificial intelligence, integrating this area into its future lines of growth. The combination of space, telecommunications, AI and digital assets reinforces the idea that the company is becoming a technology conglomerate with multiple strategic divisions, very different from the aerospace firm that began operating in the early 2000s. The IPO could become the largest in history. Market reports estimate that SpaceX would seek a valuation close to USD 1.75 trillion, with scenarios that even point to USD 2 trillion. If completed, the company would immediately enter the group of the most valuable listed companies on the planet, along with Apple, Microsoft and Nvidia, and would surpass Saudi Aramco’s stock market debut in size. SpaceX’s IPO could also have an impact on the market. If companies like OpenAI and Anthropic launch their own public offerings in a similar period, investors could move capital from bitcoin and other risk assets into these giant tech IPOs, putting pressure on digital market liquidity.
