SpaceX’s crypto holdings become IPO talking point
SpaceX is moving toward what could be the largest stock market listing ever, with a potential valuation around $1.5 trillion. According to Bloomberg, the company aims to raise significantly more than $30 billion in an initial public offering that might happen by mid-to-late 2026. That’s a staggering number, even for Elon Musk’s space venture.
What makes this particularly interesting for crypto observers is what’s on SpaceX’s balance sheet. Blockchain analytics firm Arkham Intelligence shows a wallet cluster labeled “SpaceX” holding about 3,991 bitcoin. At current prices around $92,500 per bitcoin, that’s roughly $369 million worth.
The bitcoin holdings in detail
The addresses appear to be held through Coinbase Prime custody services. Looking at the balance history, the holding has seen some fluctuation over the past few years. It rose sharply during the 2021-2022 bull market, then dropped, and has been rebuilding through 2024 and 2025.
Recent transfers show large internal movements on Bitcoin’s base layer. There were two transactions of just over 1,000 BTC each in the past week, alongside smaller flows between Coinbase Prime and addresses in the cluster. It’s worth noting these could be internal transfers rather than buys or sells.
Musk’s crypto connections
Elon Musk’s influence on cryptocurrency markets is well documented. His companies were among the earliest institutional bitcoin adopters. Tesla, his electric vehicle company, reported holding over 11,000 BTC on its balance sheet at one point.
Then there’s dogecoin. Musk’s memes have moved markets, and SpaceX actually accepted the token for its DOGE-1 lunar mission. That’s right – dogecoin helped fund a mission to the Moon.
With the IPO still more than a year away and contingent on market conditions, Musk’s proximity to crypto continues to amplify every development. Investors won’t just be buying into rockets and satellites – they’ll be buying into a company with substantial cryptocurrency holdings.
What the IPO could mean
A successful SpaceX IPO would provide fresh capital for Starlink expansion and chip-heavy space data centers. This could potentially broaden Musk’s influence in sectors that intersect with both AI and crypto infrastructure. It’s an interesting convergence of technologies.
Meanwhile, early data from prediction market Polymarket shows growing confidence that SpaceX’s valuation at IPO could exceed $1 trillion. As of early Wednesday, traders were assigning a 67% probability that the market cap surpasses that benchmark.
At that scale, even small balance-sheet allocations matter. The $369 million in bitcoin represents a meaningful holding, though it’s just a fraction of what the overall company might be worth. Still, it’s a notable detail in what could become the biggest public market offering by valuation.
I think what’s interesting here is how mainstream this all feels now. A few years ago, a major company holding bitcoin would have been shocking news. Today, it’s just another detail in a massive IPO story. The crypto angle adds an extra layer of complexity and interest, but the core story remains SpaceX’s ambitious plans and staggering potential valuation.
