SpaceX Holds $603M in BTC Despite $5B Loss, IPO & FASB Fair Value Ahead
SpaceX reported nearly a $5B loss in 2025 linked to higher operating costs after its February xAI acquisition, but it still kept 8,285 BTC (about $603M) on its balance sheet, reportedly custodied via Coinbase Prime.
CoinDesk’s review of transaction history suggests SpaceX did not materially cut its Bitcoin position over the past four months. The only highlighted activity was an internal transfer of 1,635 BTC, consistent with rebalancing rather than selling. Since mid-2024, the BTC stash has stayed broadly stable, reaching a value above $1.6B at the October 2025 peak.
The article also notes SpaceX is preparing for a potential IPO. If it goes public, new FASB rules may require BTC to be reported at fair market value instead of historical cost, increasing disclosure—and potentially introducing accounting-driven volatility—around how Bitcoin affects its reported results. SpaceX is described as the fourth-largest known corporate Bitcoin holder globally.
Bullish
This news is mildly bullish for BTC because SpaceX is showing “treasury discipline”: even amid a large reported fiscal loss tied to xAI integration costs, it appears to be retaining BTC rather than liquidating it. The lack of meaningful BTC outflows over the past four months (with only internal transfers highlighted) supports the narrative of continued long-term corporate demand.
In the short term, the potential IPO and any shift to fair-value accounting under updated FASB rules could create market attention and temporary sentiment swings, but those are accounting/disclosure-driven rather than evidence of BTC selling.
Longer term, SpaceX’s position among the largest corporate BTC holders strengthens the institutional adoption signal, which can underpin BTC demand expectations and reduce near-term downside risk from “forced selling” scenarios.