SpaceX holds $603 million in bitcoin despite $5 billion annual loss

SpaceX recorded a net loss of nearly $5 billion for 2025 and is holding 8,285 BTC valued at $603 million in Coinbase Prime custody, with no sign the company intends to liquidate the position to shore up its balance sheet.

The loss marks a sharp reversal from 2024, when SpaceX generated roughly $8 billion in profit on revenues of between $15 billion and $16 billion. Revenue grew to $18.5 billion in 2025, but costs surpassed income after SpaceX absorbed xAI, Elon Musk's artificial intelligence venture, in February of that year.

Bitcoin position held through a difficult year

On-chain transfer data shows the last significant movement in SpaceX's bitcoin holdings was an internal rebalance approximately four months ago, when 614 BTC and 1,021 BTC moved between the company's own wallets. The total balance has remained stable since mid-2024. At the October 2025 bitcoin all-time high, the position peaked in value above $1.6 billion before retreating to its current level as prices pulled back.

The company now holds the fourth-largest known corporate bitcoin position globally, behind Strategy, Marathon Digital, and Riot Platforms. Holding $603 million in a volatile asset rather than liquidating it during a year of heavy losses reflects a deliberate treasury stance, treating bitcoin as a long-term store of value rather than a short-term liquidity reserve.

IPO filing and accounting implications

SpaceX filed for a public offering last month in a move that will bring its bitcoin position into public financial filings for the first time. Once listed, the company will face a fair-value accounting requirement under rules introduced by the Financial Accounting Standards Board that took effect in late 2025.

What FASB fair-value accounting means for SpaceX

Under the updated FASB framework, companies holding cryptocurrency assets must report them at fair market value on each balance sheet date, with unrealised gains and losses flowing through the income statement. For SpaceX, this creates direct earnings volatility tied to bitcoin price movements, a factor public-market investors will price into their valuation models from the first filing.

The timing is notable. SpaceX enters the public markets with a $5 billion annual loss on the books and a nine-figure bitcoin position that will amplify reported earnings swings in both directions. If bitcoin rises materially before or after listing, the fair-value adjustments will reduce the headline loss. If it falls, the reported position worsens.

Revenue growth could not absorb xAI costs

SpaceX's $18.5 billion in 2025 revenue represented solid growth on 2024's estimated figures, but the xAI integration proved far more expensive than the revenue it contributed. The acquisition added significant headcount, infrastructure, and compute costs to a business that had previously run at high margins from its launch and Starlink operations.

Starlink, the satellite broadband service, has been the primary driver of SpaceX's revenue diversification. Its subscriber base expanded through 2025, but the pace of monetisation did not offset the overhead absorbed from xAI. The result was a business that grew its top line whilst its cost base grew faster.

Industry impact

SpaceX's decision to hold its bitcoin position through a year of heavy losses adds weight to the corporate treasury argument for bitcoin as a non-correlated reserve asset. Most CFOs facing a $5 billion deficit and an upcoming IPO would treat a $603 million liquid position in a volatile asset as the first thing to sell. SpaceX did not.

The IPO will test that thesis in public markets. Investors will assess whether the bitcoin holding is a strategic asset or an undisciplined balance sheet risk, and the answer will inform how other pre-IPO technology companies structure their treasury allocations ahead of listing. SpaceX's filing will be the first major data point under the new FASB rules for a company of this profile.