SpaceX's $75B IPO Puts Bitcoin on the Public Ledger

SpaceX closed its $75 billion initial public offering on June 12 with 18,712 Bitcoin on its balance sheet, worth roughly $1.19 billion at press time, according to the company's S-1 filing with the SEC. The aerospace firm, led by Elon Musk, first bought the Bitcoin trove in early 2021 when the coin traded below $40,000. It initially held 28,000 BTC but sold some in May 2022, data from Arkham Intelligence shows.

SpaceX is sitting on an unrealized profit of $431 million on its remaining stash. That figure peaked near $1.6 billion during the 2025 bull market.

The IPO makes SpaceX the eighth-largest public company by Bitcoin treasury holdings, according to BitcoinTreasuries data. It joins a list that includes Strategy Inc. (NASDAQ: MSTR), Twenty One Capital, Inc. (NYSE: XXI), Metaplanet Inc. (TSE: 3350), Bitcoin Standard Treasury Company (NASDAQ: BSTR), Bullish (NYSE: BLSH), and Strive, Inc. (NASDAQ: ASST).

SpaceX shares began trading Friday. Bitcoin spiked to a local high of about $64,300 on the day and was last near $64,720, up 1.57% over 24 hours with a market cap of $1.3 trillion.

The structure matters. Every SpaceX shareholder is now an indirect Bitcoin holder, as long as the board keeps the position. That creates a permanent bid from index funds and passive vehicles that track the stock. The flip side: any future board decision to trim or exit the Bitcoin position would hit both the stock and the coin simultaneously, amplifying downside.

For now, the IPO locks in a new class of institutional holders for Bitcoin through the equity channel. The next real test is the first earnings call, when analysts will ask about the treasury policy.