SpaceX is sitting on 8,285 BTC — about $603 million held in Coinbase Prime custody — even after reporting a nearly $5 billion loss for fiscal 2025, according to Arkham Intelligence and a report from The Information published Friday.
Revenue actually rose to $18.5 billion in 2025, up from an estimated $15–$16 billion the prior year. But the integration of xAI, Elon Musk’s AI venture acquired in February, pushed costs high enough to wipe out what had been a profitable year: SpaceX generated roughly $8 billion in profit the year before. Despite the hit to the bottom line, the company’s bitcoin position remains unchanged.
On-chain analysis by CoinDesk shows the last significant bitcoin activity was an internal rebalance about four months ago — transfers of 614 BTC and 1,021 BTC between SpaceX wallets — with holdings otherwise steady since mid‑2024. The stash peaked above $1.6 billion during bitcoin’s October 2025 all‑time high but has remained largely intact through the company’s recent losses.
Holding $603 million in a volatile asset while reporting a multi‑billion dollar loss — and while preparing for an IPO — sends a clear signal about how Musk and SpaceX view bitcoin: not as a short‑term liquidity buffer, but as a strategic treasury asset. SpaceX’s position now ranks as the fourth‑largest known corporate bitcoin holding, behind MicroStrategy, Marathon Digital, and Riot Platforms.
CoinDesk also reported last month that SpaceX has filed for an IPO. Public filings would disclose the company’s bitcoin holdings and could force a fair‑value accounting decision under new FASB rules that took effect in late 2025 — a development that could make the company’s crypto position a more prominent factor in its public financial statements.
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