Markets
What to know:
- SpaceX is sitting on 8,285 bitcoin worth about $603 million in Coinbase Prime custody, even as it reported a nearly $5 billion loss for 2025.
- The company swung from roughly $8 billion in profit a year earlier to a loss, despite 2025 revenue rising to $18.5 billion, with the costs of integrating Elon Musk’s AI venture xAI outpacing sales.
- SpaceX has kept its bitcoin position unchanged since mid-2024, making it the fourth-largest known corporate holder and signaling a stubborn commitment to bitcoin as a treasury asset ahead of its planned IPO.
SpaceX clings to 8,285 BTC, worth about $603 million in Coinbase Prime custody, even as it reports a near-$5 billion loss for 2025, according to Arkham Intelligence data and a late-Friday nugget from The Information.
The loss is a dramatic about-face from a year earlier when SpaceX hauled in roughly $8 billion in profit on revenues estimated between $15 billion and $16 billion, which sounds almost too neat to be true.
Revenue did climb to $18.5 billion in 2025, yet the costs of marrying SpaceX with Elon Musk’s xAI sprinted past the top line in a splendid display of corporate misalignment.
Despite the belly-flop of a year, the bitcoin position hasn’t budged. CoinDesk’s sleuths traced transfer history showing the last meaningful shuffle about four months ago, moving 614 BTC and 1,021 BTC between SpaceX wallets.
The balance-history chart is stubbornly level: holdings have stayed roughly the same since mid-2024, after briefly cresting above $1.6 billion in value in October 2025.
For a company that just posted a $5 billion hole in its accounts and is eyeing an IPO, clinging to $603 million in a notoriously volatile asset rather than cashing out is a cheeky statement about how Musk-or the corporate psyche at large-views bitcoin as a treasury asset.
SpaceX’s Bitcoin stake now ranks as the fourth-largest known corporate holding, trailing behind Strategy, Marathon Digital, and Riot Platforms.
CoinDesk reported last month that SpaceX had filed for an IPO that would disclose the bitcoin position in public filings for the first time, potentially forcing a fair-value accounting decision under the new FASB rules that kicked in in late 2025.
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2026-04-11 22:30