SpaceX is still holding a sizable bitcoin stake — 8,285 BTC valued at roughly $603 million in Coinbase Prime custody — even as the company reported a nearly $5 billion loss for 2025, according to Arkham Intelligence data and a report from The Information published Friday.
The loss represents a sharp turnaround from the prior year, when SpaceX generated about $8 billion in profit on revenues estimated at $15–$16 billion. Revenue actually rose to $18.5 billion in 2025, but costs swelled after SpaceX folded in xAI, Elon Musk’s AI firm acquired in February, pushing expenses beyond the top line.
Despite the hit to earnings, SpaceX’s bitcoin holdings have stayed put. CoinDesk’s analysis of transfer history shows the last notable activity was an internal rebalance roughly four months ago (moves of 614 BTC and 1,021 BTC between SpaceX wallets). Holdings have been largely stable since mid-2024, after briefly peaking above $1.6 billion during bitcoin’s October 2025 all-time high.
SpaceX’s BTC position now ranks as the fourth-largest known corporate holding, trailing MicroStrategy, Marathon Digital and Riot Platforms. The company is reportedly pursuing an IPO — which CoinDesk says would require public disclosure of its bitcoin stash — a move that could force a fair-value accounting decision under new FASB rules that took effect in late 2025.
For a company posting a multibillion-dollar loss and preparing for a public listing, keeping roughly $600 million in a volatile digital asset rather than converting it to cash underscores how Musk (and the company) treat bitcoin: as a strategic treasury asset rather than a short-term liquidity buffer.
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