SpaceX Lost $5B but Won't Sell Its Bitcoin

The company lost nearly $5 billion last year. It's preparing to go public. And it's sitting on $603 million worth of bitcoin it hasn't touched in months.

That's SpaceX right now — and the math deserves a closer look.

From $8 Billion Profit to a $5 Billion Loss

According to Arkham Intelligence data and a report from The Information, SpaceX currently holds 8,285 BTC in Coinbase Prime custody, valued at roughly $603 million. The position hasn't meaningfully moved since mid-2024. The last notable activity was an internal wallet rebalance about four months ago — 614 BTC and 1,021 BTC shuffled between SpaceX's own addresses. No external sales.

The financial backdrop makes this more striking. In 2024, SpaceX was a profit machine: revenues of roughly $15–16 billion and net income of approximately $8 billion. In 2025, revenues climbed to $18.5 billion — yet the company swung to a loss of nearly $5 billion. The culprit: the February 2025 acquisition and integration of xAI, Elon Musk's artificial intelligence venture, which drove costs well past the revenue gains.

Despite all of that, the bitcoin stays. At the October 2025 all-time high, SpaceX's BTC position was worth over $1.6 billion. It's now the fourth-largest known corporate bitcoin holder in the world, behind Strategy, Marathon Digital, and Riot Platforms.

Why This Matters More Than Usual

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Holding a volatile asset through a rough earnings year isn't just a financial footnote — it's a statement. For a company actively pursuing an IPO, every line on the balance sheet is being scrutinized by prospective investors and underwriters. Choosing not to liquidate $603 million in bitcoin to shore up a loss-heavy income statement is a deliberate decision, not an oversight.

The IPO angle adds another layer. CoinDesk reported last month that SpaceX's public filing will disclose the bitcoin position formally for the first time. That triggers a significant accounting question: under new FASB rules that took effect in late 2025, companies must mark crypto holdings to fair value on their financial statements. When bitcoin rises, it shows up as a gain. When it falls, it's a loss — directly on the income statement.

For future SpaceX shareholders, that means buying into a company where quarterly earnings will partly move with bitcoin's price. That's a feature to some investors, and a bug to others.

The Bullish Case, and the Skeptic's View

The argument for holding is familiar. Strategy's Michael Saylor has spent years making the case that bitcoin is a superior treasury reserve — a hedge against dollar debasement that outperforms cash over time. If you believe that thesis, selling during a drawdown is exactly the wrong move. SpaceX's silence on the position suggests its treasury team, or Musk himself, holds a similar view.

But skeptics have a reasonable counter. A company that just posted a $5 billion loss and is asking public markets for capital has a fiduciary responsibility to manage risk. Retaining a highly volatile asset when you could improve your balance sheet is a choice that future shareholders — not just Musk — will have to live with. The question of whose risk tolerance is being expressed here is a fair one.

There's also the xAI wildcard. If the integration costs continue to run hot, and bitcoin prices pull back, SpaceX could face compounding pressure on both fronts simultaneously heading into its public debut.