SpaceX has formally taken its first step toward becoming a public company after submitting its S-1 registration statement to the U.S. Securities and Exchange Commission on Wednesday. The long-anticipated filing offers the clearest picture yet of the company’s financial position, strategic direction, and its growing exposure to digital assets ahead of what could become the largest initial public offering in history.
The company aims to list on Nasdaq under the ticker SPCX. In the filing materials, it places its valuation around $1.75 trillion, with upside scenarios reaching $2 trillion. If achieved, the listing would rival or surpass Saudi Aramco’s 2020 debut, which raised $29.4 billion and valued the oil giant at roughly $1.7 trillion.
Bitcoin holdings
The filing reveals that SpaceX held 18,712 Bitcoin. The company acquired the position at a cost basis of $661 million, translating to an average purchase price of approximately $35,300 per coin. At the end of the quarter, the holdings were valued at $1.29 billion. With Bitcoin trading above $77,000, the current value stands closer to $1.45 billion.
This places SpaceX among the largest corporate holders of Bitcoin. The reserve exceeds Coinbase’s 16,492 BTC holdings and positions the firm among the top ten globally. Only a handful of companies, including Michael Saylor’s Strategy with 843,738 BTC, maintain larger positions.
The filing confirms that SpaceX began accumulating Bitcoin in 2021, during the same period Tesla made its widely publicized $1.5 billion purchase. Unlike Tesla, which reduced its exposure during the 2022 market downturn, SpaceX maintained a substantial reserve despite trimming part of its original holdings over time.
Financial disclosures show volatility tied to the asset. SpaceX recorded a $955 million unrealized gain in 2024, followed by a $112 million paper loss in the most recent year. The company holds its Bitcoin through third-party custodians, a detail that underscores institutional-grade storage practices.
Revenue growth and trillion-dollar ambitions
The S-1 filing outlines strong revenue growth, with SpaceX generating $18.7 billion in 2025, up from $14 billion in 2024. The increase reflects continued demand for launch services and expansion of its Starlink satellite internet network.
SpaceX describes its combined business lines, including aerospace, satellite communications, and artificial intelligence, as targeting what it calls “the largest actionable total addressable market in human history,” quantified at $28.5 trillion. The company also identifies AI as a core growth pillar alongside its existing infrastructure.
Investor interest is expected to center on SpaceX’s dominant position in reusable rocket technology and its rapidly scaling satellite network. Starlink has become a critical revenue driver, with global coverage expanding across both consumer and enterprise segments.
Musk’s ecosystem comes into focus
The filing also highlights deep operational and financial ties between SpaceX and other ventures linked to Elon Musk, including Tesla, xAI, X, and The Boring Company. These relationships introduce an additional layer of complexity for investors who must assess intercompany dependencies alongside SpaceX’s standalone performance.
Earlier this year, SpaceX acquired xAI, a move that contributed to its private valuation reaching $1.25 trillion before the IPO process began. The integration signals a broader strategy that blends aerospace infrastructure with artificial intelligence capabilities.
Musk will retain multiple leadership roles after the listing, serving as CEO, Chief Technical Officer, and Chairman. Investors have closely examined the filing for clarity on voting control, though final governance details will become clearer closer to the offering date.
Market implications and timing
The IPO is expected to raise between $75 billion and $80 billion, according to reports cited alongside the filing. That scale would make it the largest U.S. market debut in recent years and a defining liquidity event for both equity and crypto markets.
SpaceX’s Bitcoin exposure introduces an additional dynamic. A public listing could amplify institutional attention toward corporate crypto reserves, particularly as large technology firms continue to explore digital assets as part of treasury strategy.
At the same time, Bitcoin’s price volatility may introduce earnings fluctuations under fair value accounting rules. This factor already appears in SpaceX’s financial history and will likely remain a consideration for public market investors.
The offering now depends on regulatory approval from the SEC. If cleared, trading could begin as early as next month, marking a pivotal moment not only for SpaceX but also for the broader intersection of technology, capital markets, and digital assets.
Roman Zaika
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