SpaceX IPO filing shows $5bn loss and 18,712 bitcoin

SpaceX’s IPO filing showed 18,712 bitcoin on its balance sheet and a $4.937bn net loss for 2025, making the expected listing a test of crypto appetite as well as demand for a capital-hungry growth stock.

The Elon Musk-controlled company valued the bitcoin at $1.293bn as of March 31, against a $661mn cost basis, according to its S-1 filing with the US Securities and Exchange Commission. Few operating companies carry bitcoin at that scale. For SpaceX, it is now a treasury disclosure that public shareholders will have to mark quarter by quarter.

Losses sit beside that crypto line. SpaceX reported $18.674bn of 2025 revenue and a $4.937bn net loss, while telling prospective investors that its spending demands remain heavy. The company said it has a history of losses and may not become profitable.

“We have a history of net losses and may not achieve profitability in the future.”
Source: SpaceX filing

Investors therefore have to price two things at once: a capital-intensive aerospace company and direct exposure to Bitcoin (BTC). The Block reported that the holding would place SpaceX among the largest public-company bitcoin owners once the shares begin trading. The SEC filing is still the cleanest record of the position.

The stake is not big enough to define SpaceX by itself. At the March valuation, the BTC holding equalled about 6.9 per cent of 2025 revenue and roughly a quarter of the annual net loss.

It is big enough to matter. Bitcoin swings could add noise to quarterly marks, draw extra disclosure questions and pull SpaceX into comparisons with companies that have made the token part of treasury policy.

Capital competes with crypto

The listing also lands in a market where several high-profile deals are fighting for the same risk capital. Reuters, citing market participants, described the SpaceX offering as a potential drain on money that might otherwise remain in bitcoin and other tokens. Spencer Hallarn, global head of OTC trading at GSR, told Reuters that investors have to find $75bn for the IPO and that the money has to come from somewhere.

CNBC separately reported that bitcoin had dropped to its lowest level since February as traders weighed large private-market and IPO opportunities, including SpaceX, OpenAI and Anthropic. Its June 3 report cited QCP as saying some investors may be freeing crypto liquidity to pursue those deals.

The pull is not only a crypto-price story. A strong SpaceX debut would give investors a liquid way to buy exposure to launch services, Starlink and Musk’s broader aerospace platform. If the offering prices richly and rises in the first session, the shares could compete with high-beta crypto assets for the same risk budget.

Crypto venues are already trying to handicap the deal. CNBC reported that SpaceX pre-IPO perpetual futures on Hyperliquid recently traded near $162, about 20 per cent above a fixed IPO share price of $135. That contract is only a proxy, not a public order book, but it shows traders valuing the IPO before the stock trades normally.

For SpaceX, the bitcoin line cuts both ways. A higher BTC price would lift the fair value of its treasury position and support the view that the asset has moved deeper into corporate finance. A decline would make the same line item another source of volatility for a company already warning investors that profits are not assured.

DealBook at the New York Times has described the IPO as large enough to absorb attention and capital across markets. That is the more precise risk for crypto: SpaceX does not have to sell bitcoin for the listing to pull new buyers away from tokens.

For now, the filing pulls the SpaceX IPO story away from launch cadence alone. It gives shareholders three numbers to test together: $18.674bn of revenue, a $4.937bn annual loss and 18,712 bitcoin. The market’s answer will show whether the bitcoin position reads as ballast, risk or simply a sign of how far crypto has moved into public-company balance sheets.