Key Highlights
- SpaceX maintains custody of 8,285 BTC valued at roughly $603 million through Coinbase Prime
- Financial performance reversed dramatically from an $8 billion gain to a $5 billion deficit in 2025
- Annual revenue climbed to $18.5 billion, though xAI integration expenses exceeded earnings
- The company’s bitcoin holdings have stayed constant since the middle of 2024
- SpaceX ranks as the fourth-biggest corporate bitcoin holder on record
According to a Friday report from The Information, SpaceX recorded approximately $5 billion in losses for 2025. This represents a dramatic shift from the company’s roughly $8 billion in earnings during the previous year.
https://x.com/blckchaindaily/status/2043174140723798502?s=20
The company’s top-line figures actually improved. SpaceX generated $18.5 billion in revenue during 2025, an increase from the $15 billion to $16 billion range estimated for 2024. However, operational expenses related to absorbing xAI, the AI venture owned by Elon Musk and purchased in February 2025, exceeded total income.
Yet through these financial challenges, SpaceX hasn’t liquidated any of its bitcoin reserves. Blockchain analytics from Arkham Intelligence confirm the company maintains 8,285 BTC through Coinbase Prime custody services, currently valued at approximately $603 million.
The most recent transaction activity occurred roughly four months ago during an internal portfolio adjustment. Two separate movements — involving 614 BTC and 1,021 BTC respectively — transferred between SpaceX-controlled addresses. Zero bitcoin was liquidated during these operations.
When Bitcoin reached its peak in October 2025, SpaceX’s cryptocurrency holdings were valued above $1.6 billion. The actual quantity of bitcoin held has remained consistent since mid-2024.
This positions SpaceX as the fourth-largest publicly known corporate bitcoin treasury, trailing Strategy, Marathon Digital, and Riot Platforms.
Significant Digital Asset Amid Financial Pressure
For an organization positioning itself for public markets while carrying $5 billion in red ink, maintaining more than $600 million in a price-volatile asset represents a deliberate strategic decision. SpaceX has shown no indication of selling this position to strengthen its financial statements.
Last month, CoinDesk confirmed that SpaceX had submitted IPO paperwork. Once those documents become publicly available, the bitcoin treasury will be disclosed in official regulatory filings for the first time.
This timing carries particular significance due to updated FASB accounting standards implemented in late 2025. These regulations require companies to value cryptocurrency assets at current market rates, which means bitcoin’s price fluctuations will directly impact SpaceX’s reported financial performance.
IPO Documentation and Bitcoin Transparency
Following SpaceX’s transition to a publicly traded entity, its bitcoin treasury will face the same level of examination as traditional balance sheet components. Market participants and financial analysts will gain access to monitor this position through standard quarterly reports.
The organization’s choice to maintain its holdings throughout a $5 billion annual loss indicates leadership considers bitcoin a strategic treasury reserve rather than speculative trading inventory.
SpaceX has entered an exclusive yet expanding group of corporations adopting this bitcoin treasury approach. While Strategy maintains an overwhelmingly dominant position as the largest institutional holder, SpaceX’s $603 million allocation firmly establishes its presence in this category.
Blockchain records from Arkham confirm no recent withdrawals. Current on-chain verification shows SpaceX’s complete 8,285 BTC position remains preserved.
