Key Takeaways
- SpaceX maintains a treasury position of 8,285 BTC valued at roughly $603 million through Coinbase Prime
- The aerospace firm shifted from an $8 billion profit in 2024 to a $5 billion deficit in 2025
- Annual revenue climbed to $18.5 billion, though expenses from xAI integration exceeded earnings
- No bitcoin sales have occurred since the position stabilized in mid-2024
- The company ranks fourth globally among publicly known corporate BTC holders
Elon Musk’s SpaceX recorded approximately $5 billion in losses for 2025, as revealed in a Friday report by The Information. This marks a dramatic shift from the roughly $8 billion in profits the aerospace giant generated during the previous year.
https://x.com/blckchaindaily/status/2043174140723798502?s=20
The company’s top line actually expanded. SpaceX generated $18.5 billion in revenue during 2025, representing an increase from the $15 billion to $16 billion range recorded in 2024. However, operational costs associated with absorbing xAI—the artificial intelligence venture founded by Musk and acquired in February 2025—drove expenses beyond income levels.
Yet throughout this financial turbulence, SpaceX has left its [[LINK_START_0]]bitcoin[[LINK_END_0]] treasury completely untouched. Blockchain analytics platform Arkham Intelligence confirms the company maintains 8,285 BTC stored in Coinbase Prime custody, currently valued at approximately $603 million.
The most recent wallet activity involved internal reorganization roughly four months prior. Two separate transactions—one involving 614 BTC and another transferring 1,021 BTC—moved funds between SpaceX-controlled addresses. Crucially, zero bitcoin was liquidated.
SpaceX’s cryptocurrency holdings reached a peak valuation exceeding $1.6 billion when Bitcoin hit its all-time high in October 2025. The actual coin count has remained constant since the middle of 2024.
This positions SpaceX as the fourth-largest known corporate bitcoin treasury holder, trailing only Strategy, Marathon Digital, and Riot Platforms.
Volatile Asset Holdings Amid Financial Pressure
For an organization gearing up for public markets while managing a $5 billion deficit, maintaining more than $600 million in a highly volatile cryptocurrency represents a deliberate strategic decision. SpaceX has shown no indication of liquidating this position to strengthen its balance sheet.
CoinDesk disclosed last month that SpaceX had submitted documentation for an initial public offering. When these filings become publicly accessible, the bitcoin treasury will appear in official corporate disclosures for the first time.
This carries significant implications due to new Financial Accounting Standards Board (FASB) regulations implemented in late 2025. These accounting standards require companies to value cryptocurrency holdings at current market rates, meaning bitcoin price fluctuations will directly impact SpaceX’s reported financial performance.
IPO Documentation and Bitcoin Transparency
Following SpaceX’s transition to a publicly traded company, its bitcoin reserves will face the same level of examination as all other balance sheet components. Market participants and financial analysts will gain the ability to monitor this position through regular quarterly reports.
The company’s determination to maintain its holdings throughout a $5 billion loss period indicates management perceives bitcoin as a strategic treasury reserve rather than a speculative investment vehicle.
SpaceX has entered an exclusive but expanding group of corporations adopting this bitcoin treasury approach. While Strategy maintains dominance as the largest corporate holder by substantial margin, SpaceX’s $603 million position establishes it as a significant player in this category.
Arkham’s blockchain data confirms no recent outbound transfers. According to the latest on-chain tracking, SpaceX’s complete 8,285 BTC position remains fully preserved.
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