SpaceX IPO Filing Reveals $1B+ in BTC: The Leading Listed Holders

SpaceX’s initial public offering (IPO) filing with the SEC on May 20, 2026, revealed the company holds 18,712 Bitcoin (BTC), valued at approximately $1.45 billion. The disclosure marks SpaceX’s first official acknowledgment of its Bitcoin holdings, acquired for around $661 million at an average cost of $35,300 per BTC. As of March 31, 2026, the fair value was $1.293 billion, appreciating to $1.45 billion by the filing date, reflecting a $790 million unrealized gain. The filing places SpaceX among the world’s largest corporate Bitcoin treasury holders, surpassing Coinbase Global’s 15,000 BTC and rivaling Tesla’s estimated 11,500 BTC. While Strategy (MSTR) remains the largest holder with over 843,700 BTC, SpaceX’s position is notable given its association with Elon Musk and its planned Nasdaq listing under the ticker SPCX, targeting a $1.75 trillion valuation. The Bitcoin holdings represent less than 1% of SpaceX’s implied enterprise value but highlight the company’s diversified investment strategy, including artificial intelligence infrastructure. Musk will retain 85% voting control post-IPO through a dual-class share structure, alongside disclosures of significant AI-related investments and operational losses in 2025. Other major corporate Bitcoin holders include Twenty One Capital (XXI) with 43,000 BTC, Japan-listed Metaplanet (30,000–35,000 BTC), and public exchange Bullish (BLSH) with 23,000 BTC. Mining companies Marathon Digital (35,300 BTC) and Riot Platforms (15,600 BTC) also hold substantial reserves, while newer entrants like Strive (14,000 BTC) and Hut 8 (13,000–16,000 BTC) have joined the trend. Even non-tech firms like Trump Media & Technology Group (9,000 BTC) and GameStop (4,000 BTC) now hold Bitcoin treasuries. The strategic rationale for corporate Bitcoin holdings varies, with firms like Strategy treating it as a long-term treasury asset. SpaceX’s disclosure underscores the growing integration of Bitcoin into corporate balance sheets, blending traditional finance with digital asset exposure ahead of its historic IPO.