SpaceX has disclosed a significant Bitcoin position in its S-1 SEC filing. The document, filed May 20, reveals the company holds 18,712 Bitcoin, purchased at a total cost of $661 million.
As of March 31, that stake was valued at $1.29 billion, representing an unrealized gain of over $780 million. The average acquisition price is approximately $35,300 per Bitcoin.
This figure is more than double the roughly 8,285 BTC that on-chain analysts had previously estimated were held in custody on Coinbase Prime. The filing indicates SpaceX has maintained its position steady since the end of 2024, using third-party custodians and not actively trading.
The disclosure comes as SpaceX targets what would be the largest initial public offering in history. The company aims to raise approximately $75 billion with a valuation target exceeding $1.75 trillion, potentially reaching $2 trillion. For context, Saudi Aramco's 2019 IPO raised $25.6 billion.
The valuation is partly explained by SpaceX's acquisition of xAI, Elon Musk's artificial intelligence venture, which closed in February 2026.
When SpaceX goes public, anyone buying shares will get a sliver of Bitcoin exposure embedded in the equity. At a $1.75 trillion valuation, the Bitcoin position represents less than 0.1% of total enterprise value.