From $8 Billion Profit to $5 Billion Loss: SpaceX Still Refuses to Touch Its $603 Million Bitcoin Holdings

TLDR

• SpaceX currently holds 8,285 BTC, valued at roughly $603 million, held in Coinbase Prime custody
• The firm saw a dramatic shift, going from an $8 billion profit in the prior year to a $5 billion loss in 2025
• Revenue rose to $18.5 billion, yet expenses tied to integrating xAI exceeded the company’s total income
• SpaceX’s bitcoin holdings have stayed completely unchanged since mid-2024
• The company now ranks as the fourth-largest publicly identified corporate bitcoin holder

(SeaPRwire) –   Per a report from The Information published on Friday, SpaceX posted a nearly $5 billion loss in 2025. This marks a stark turnaround from the approximately $8 billion profit the company recorded the previous year.

https://x.com/blckchaindaily/status/2043174140723798502?s=20

Revenue did see growth, however. SpaceX generated $18.5 billion in 2025, an increase from the estimated $15 to $16 billion it brought in during 2024. But the costs associated with integrating xAI—Elon Musk’s artificial intelligence firm that SpaceX acquired in February 2025—pushed total expenses above total revenue.

Even with this annual loss, SpaceX has not made any moves to adjust its bitcoin holdings. On-chain data from Arkham Intelligence confirms the company holds 8,285 BTC in Coinbase Prime custody, a sum valued at roughly $603 million at current market rates.

The most recent recorded activity related to these holdings was an internal rebalance roughly four months prior. Two transfers—one for 614 BTC and another for 1,021 BTC—were moved between SpaceX’s own internal wallets, and no bitcoin was sold to external parties.

SpaceX’s bitcoin holdings reached a peak value of over $1.6 billion during Bitcoin’s all-time high in October 2025. The total balance of these holdings has remained steady since mid-2024.

This places SpaceX as the fourth-largest publicly identified corporate bitcoin holder, trailing only Strategy, Marathon Digital, and Riot Platforms.

A Significant Asset Amid a Strained Balance Sheet

For a company gearing up for an IPO while sitting with a $5 billion loss, holding more than $600 million in a volatile asset is a deliberate choice. SpaceX has not taken steps to liquidate this position in an effort to strengthen its financial statements.

CoinDesk reported last month that SpaceX had submitted an IPO filing. Once this filing becomes public, the company’s bitcoin holdings will be included in official regulatory disclosures for the very first time.

This detail is important due to new FASB accounting regulations that went into effect in late 2025. Under these rules, companies are required to report their cryptocurrency holdings at their fair market value, meaning any fluctuations in bitcoin’s price will be directly reflected in SpaceX’s financial reports.

What SpaceX’s IPO Filing Could Mean for Bitcoin Holdings Disclosures

Once SpaceX becomes a publicly traded company, its bitcoin holdings will be subject to the same level of scrutiny as any other balance sheet line item. Investors and financial analysts will be able to monitor this position through quarterly regulatory filings.

The company’s choice to hold onto its bitcoin holdings despite a $5 billion loss indicates that SpaceX’s leadership views the cryptocurrency as a long-term treasury asset, rather than a short-term trading instrument.

SpaceX is joining a small but growing group of companies that are treating bitcoin in this manner. Strategy remains the largest corporate bitcoin holder by a significant margin, but SpaceX’s $603 million holding firmly cements its place in this cohort.

The Arkham on-chain data reveals no recent outflows of bitcoin from SpaceX’s holdings. As of the most recent on-chain records, SpaceX’s 8,285 BTC position remains completely unchanged.