SpaceX IPO May Crown Elon Musk’s Firm as Top Public Bitcoin Holder

TLDR

• SpaceX disclosed 18,712 BTC in its S-1 filing with the U.S. SEC.
• The Bitcoin holdings are valued at about $1.4B to $1.45B.
• Grayscale said SpaceX could become the most valuable public company holding Bitcoin.
• Strategy remains the largest corporate Bitcoin holder by coin count with over 843,000 BTC.
• SpaceX plans to list on Nasdaq under the ticker SPCX in a potential $1.75T to $2T IPO.

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SpaceX could become the most valuable publicly traded company holding Bitcoin if its planned Nasdaq listing proceeds in June, according to analysis from Grayscale Investments.

The company’s latest S-1 filing with the U.S. Securities and Exchange Commission shows that SpaceX holds 18,712 Bitcoin, valued at about $1.4 billion to $1.45 billion based on recent BTC prices. The filing lists the holdings under digital assets and states that SpaceX uses third-party custodians to store its Bitcoin.

Grayscale Head of Research Zach Pandl said SpaceX is expected to become the largest public company holding Bitcoin based on its estimated post-IPO market value. Prediction market data has placed the highest probability on a SpaceX debut valuation between $2 trillion and $2.5 trillion.

SpaceX Bitcoin Holdings Enter IPO Spotlight

SpaceX filed its S-1 registration statement on May 20, moving the Elon Musk-led rocket, satellite and AI infrastructure company closer to one of the largest public listings in market history.

The company is expected to list on Nasdaq under the ticker SPCX. Goldman Sachs is serving as lead underwriter, with Morgan Stanley, Bank of America, Citigroup and JPMorgan Chase also involved in the offering.

The planned IPO has drawn attention from both equity and crypto investors because of SpaceX’s Bitcoin treasury. Its 18,712 BTC position would give public shareholders indirect exposure to Bitcoin through a diversified operating business.

SpaceX’s Bitcoin cost basis was listed at about $661 million. The filing also showed fair value moved lower year over year, from $1.749 billion to $1.637 billion in the reporting period cited by Grayscale.

Grayscale Separates Bitcoin Treasuries From Operating Firms

Grayscale divided public corporate Bitcoin holders into two groups. The first group is digital asset treasury companies, which primarily function as public-market access vehicles for Bitcoin exposure.

Strategy remains the largest public-company Bitcoin holder by coin count, with more than 843,000 BTC. Other treasury-focused firms include Twenty One Capital, Metaplanet, MARA Holdings, Bitcoin Standard Treasury Company and Bullish.

Source: Grayscale

The second group is diversified businesses. These companies hold Bitcoin as part of broader corporate treasury activity while operating separate commercial businesses. SpaceX falls into this category, along with Tesla, Coinbase and Block.

Tesla holds 11,509 BTC, while Block holds 9,032 BTC. Coinbase holds 16,492 BTC as part of its wider crypto business operations. SpaceX’s 18,712 BTC would place it above those names by Bitcoin holdings, while its expected valuation would make it the most valuable public company with BTC on its balance sheet.

Space Stocks Rise After SpaceX Filing

The SpaceX IPO filing also lifted interest in space and satellite stocks. European companies including OHB, Eutelsat and SES gained after the filing, as investors reacted to the planned public debut.

SpaceX was valued at about $1.25 trillion after its February 2026 merger with xAI. Current IPO expectations suggest the company may seek a valuation between $1.75 trillion and $2 trillion, with some prediction market traders placing higher odds on a range above $2 trillion.

Grayscale said more diversified businesses may add Bitcoin to their treasuries over time. Pandl said such companies may hold BTC for reasons similar to other investors, including portfolio diversification against fiat currency risks.

The planned listing would bring SpaceX into public markets with a Bitcoin position equal to roughly 0.1% of its expected market capitalization. That makes the BTC reserve small relative to its operating business, but large enough to place the company among the most watched corporate Bitcoin holders.

If the IPO proceeds as expected, SpaceX may set a new benchmark for diversified public companies holding Bitcoin while Strategy remains the largest corporate holder by total BTC.

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