According to Arkham Intelligence data and a report by The Information published late Friday, SpaceX is sitting on 8,285 BTC worth $603 million in Coinbase Prime custody, with about $5 billion in losses due to 2025.
The loss marks a sharp reversal from a year ago when SpaceX made a profit of nearly $8 billion on revenue estimated between $15 billion and $16 billion.
Revenue is projected to rise to $18.5 billion in 2025, but the integration of Elon Musk’s artificial intelligence venture xAI, acquired in February, pushed costs beyond the top line.
Despite these losses, there has been no change in the company’s Bitcoin position. Transfer history analyzed by CoinDesk shows that the last significant movement was an internal rebalancing about four months ago, with 614 BTC moving between SpaceX’s own wallet and 1,021 BTC.
The balance history chart shows that holdings have remained stable since mid-2024 after reaching a high of more than $1.6 billion in value during October 2025.
For a company that recently reported a $5 billion loss and is actively trying to have an IPO, keeping $603 million in a volatile asset instead of liquidating it to improve the balance sheet is a statement about how Musk (or the broader public) views Bitcoin as a treasury asset.
SpaceX’s position is now the fourth largest known corporate Bitcoin holding, behind Strategy, Marathon Digital and Riot Platforms.
CoinDesk reported last month that SpaceX had filed for an IPO that would disclose its Bitcoin position in a public filing for the first time, potentially forcing a fair value accounting decision under new FASB rules set to take effect in late 2025.