Elon Musk’s SpaceX holds 18,712 bitcoin at fair value of $1.29 billion, IPO filing shows

SpaceX officially confirmed plans to go public on Wednesday, setting the stage for what could become the largest initial public offering in history and potentially push CEO Elon Musk toward becoming the world’s first trillionaire.

The rocket and satellite internet company filed its S-1 registration statement with the U.S. Securities and Exchange Commission, giving investors their first detailed look inside one of the world’s most valuable private firms ahead of a planned IPO expected next month.

SpaceX as of March 31 held 18,712 bitcoin BTC$77,821.76 on its balance sheet at a fair value of $1.29 billion, according to the filing. Those holdings would be worth closer to $1.45 billion today, with bitcoin trading just above $77,000.

The holding places the company among a small group of major corporations with significant bitcoin holdings. Musk’s other company, Tesla, holds 11,509 bitcoin in its balance sheet, according to BitcoinTreasuries data. Michael Saylor’s Strategy currently holds the largest with 843,738 bitcoin.

Biggest IPO

SpaceX is reportedly seeking a valuation of more than $1.5 trillion, with reports of a potential $2 trillion valuation. If successful, the company would immediately rank among the 10 most valuable publicly traded companies in the world, alongside Apple, Microsoft and Nvidia.

If it hits the upper end of the valuation, the listing could also surpass Saudi Aramco’s 2020 debut as the largest IPO ever. The Saudi oil giant raised $29.4 billion from investors in its public offering, valuing it at about $1.7 trillion.

Investor interest is expected to be strong because of SpaceX’s dominant position in both commercial rockets and satellite-based internet through its Starlink business. The company has built a major lead over competitors with reusable launch systems and a rapidly expanding global satellite network.

The S-1 filing offers a rare look at SpaceX’s finances, including revenue growth, capital spending, legal risks and ownership structure. Investors had closely watched the filing for clues about how much voting power Musk would retain after the company became public. The firm had 2025 revenue of $18.7 billion, up from $14 billion in 2024, according to the filing.

SpaceX also mentioned its work in artificial intelligence, identifying that sector combined with its other business lines as a possible “trillion-dollar market opportunities.”

Musk already controls Tesla, xAI and social media platform X, making SpaceX one of the most anticipated technology listings in years. For SpaceX, Musk will be its CEO, Chief Technical Officer and Chairman of the board.

Liquidity drain

The IPO would also mark another milestone in bitcoin adoption in corporate finance, as large technology companies continue to add digital assets to their balance sheets.

However, SpaceX isn’t the only massive IPO that is set to debut. OpenAI and Anthropic, two of the largest AI firms, are also eyeing their public debut.

If all three IPOs hit the market in a similar time frame, investors might rotate capital away from other risk-on assets, such as crypto, into these public offerings, potentially draining liquidity from digital assets.

Read more: SpaceX’s $75 billion IPO could drain the liquidity that’s helping lift bitcoin and crypto

UPDATE (May 20, 6:01 pm ET): Adds more context throughout.