From $8 Billion Profit to $5 Billion Loss: SpaceX Still Won’t Touch Its $603 Million in Bitcoin

TLDR

• SpaceX holds 8,285 BTC worth approximately $603 million in Coinbase Prime custody
• The company swung from an $8 billion profit to a $5 billion loss in 2025
• Revenue grew to $18.5 billion but costs from integrating xAI outpaced income
• SpaceX’s bitcoin position has remained unchanged since mid-2024
• It is now the fourth-largest known corporate bitcoin holder

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SpaceX reported a loss of nearly $5 billion for 2025, according to a report from The Information published Friday. That is a sharp reversal from the roughly $8 billion profit the company posted the year before.

https://x.com/blckchaindaily/status/2043174140723798502?s=20

Revenue actually grew. SpaceX brought in $18.5 billion in 2025, up from an estimated $15 billion to $16 billion in 2024. But the cost of integrating xAI, Elon Musk’s artificial intelligence company acquired in February 2025, pushed expenses past revenue.

Despite that loss, SpaceX has not touched its bitcoin holdings. On-chain data from Arkham Intelligence shows the company holds 8,285 BTC in Coinbase Prime custody, worth around $603 million at current prices.

The last recorded movement was an internal rebalance around four months ago. Two transfers — one of 614 BTC and one of 1,021 BTC — moved between SpaceX’s own wallets. No bitcoin was sold.

SpaceX’s holdings peaked in value above $1.6 billion during Bitcoin’s all-time high in October 2025. The balance itself has been stable since mid-2024.

That puts SpaceX fourth among known corporate bitcoin holders, behind Strategy, Marathon Digital, and Riot Platforms.

A Big Asset on a Stressed Balance Sheet

For a company preparing for an IPO while carrying a $5 billion loss, holding over $600 million in a volatile asset is a choice. SpaceX has not moved to liquidate the position to improve its books.

CoinDesk reported last month that SpaceX had filed for an IPO. When that filing goes public, the bitcoin position will appear in official disclosures for the first time.

That matters because of new FASB accounting rules that took effect in late 2025. Under those rules, companies must report crypto holdings at fair market value, meaning any price swings in bitcoin will show up directly in SpaceX’s financial statements.

What the IPO Filing Could Mean for Bitcoin Disclosure

Once SpaceX goes public, its bitcoin holdings will receive the same scrutiny as any other balance sheet item. Investors and analysts will be able to track the position in quarterly filings.

The company’s decision to hold through a $5 billion loss suggests management views bitcoin as a long-term treasury asset rather than a short-term trade.

SpaceX joins a small but growing list of companies treating bitcoin this way. Strategy remains the largest corporate holder by a wide margin, but SpaceX’s position at $603 million places it firmly in that category.

The Arkham data shows no recent outflows. As of the latest on-chain records, SpaceX’s 8,285 BTC position remains intact.

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