Elon Musk's SpaceX Faces "Asset Disclosure Dilemma" — The Light and Shadow of Bitcoin Holdings

As SpaceX, led by Elon Musk, moves toward going public, its asset portfolio faces new challenges. In particular, the decline in the valuation of the company’s Bitcoin holdings is expected to be a major point of focus during IPO disclosures.

The Reality of Asset Volatility Indicated by Bitcoin Holdings

SpaceX’s approximately 8,285 Bitcoins have experienced significant value declines over the past few months. According to Arkham Intelligence data, the company’s Bitcoin position was valued at about $780 million in December, but by early February, it had shrunk to around $650 million. Currently, with Bitcoin prices around $70,430, the asset value has further decreased to approximately $545 million.

In just the past three months, unrealized losses of $235 million have accumulated, despite SpaceX not selling a single coin. This highlights the high volatility inherent in Bitcoin as an asset.

These assets managed by Coinbase Prime are spread across 43 wallet addresses and have been held steadily near 8,300 BTC since early 2026. Therefore, fluctuations in SpaceX’s Bitcoin holdings are purely due to price movements.

New Challenges for Elon Musk’s Company Ahead of IPO

SpaceX, under Elon Musk, aims to file a confidential IPO with the SEC as early as March, targeting a listing as soon as June. The company’s valuation is projected to exceed $1.75 trillion, with up to $50 billion in funding, surpassing the scale of Saudi Aramco’s IPO in 2019 ($29 billion).

However, in this historic IPO process, SpaceX will face the same “cryptocurrency-related disclosure pressures” that Tesla experienced. The S-1 registration statement will need to disclose the Bitcoin holdings, and subsequent quarterly reports will reflect unrealized gains or losses driven by Bitcoin price fluctuations.

Lessons from Tesla Highlighting Headline Risks

The most relevant precedent is Tesla. Elon Musk’s automaker has never changed its Bitcoin holdings but has still reported billions of dollars in valuation losses during downturns. As a result, “headline risk” has repeatedly emerged, obscuring core business performance and attracting ongoing market and investor attention.

Even as Tesla projects total revenue of $94.8 billion and gross profit of $17 billion in 2025, periodic news about Bitcoin-related unrealized losses underscores the significant influence of such disclosures.

SpaceX will soon face a similar situation, but with a key difference: the initial disclosure will occur during one of the most rapid correction phases in Bitcoin’s recent years. This means negative unrealized losses could be reported even before the IPO, potentially impacting early investor perceptions and valuation.

Different Strategies for Bitcoin Asset Management — Holding Steadfast

Interestingly, SpaceX’s approach to Bitcoin differs from Tesla’s. Tesla has bought and sold Bitcoin multiple times, demonstrating flexibility in position management. In contrast, according to Arkham data, SpaceX has maintained a simple buy-and-hold strategy throughout all market cycles.

The company’s Bitcoin portfolio peaked at about $2 billion in late 2021, then sharply declined in 2022. Since then, it has fluctuated between $400 million and $800 million. This long-term holding stance reflects a corporate view of Bitcoin as a long-term asset.

Timeline and Challenges for Elon Musk’s Asset Portfolio

The Bitcoin price trend leading up to the IPO disclosure could be a key factor influencing SpaceX’s success in going public. Currently, Bitcoin is trading above $70,000, but many analysts suggest the next move depends on oil prices and maritime stability in the Strait of Hormuz.

If Bitcoin retests the $74,000–$76,000 range, the valuation of SpaceX’s assets could rise further. Conversely, geopolitical tensions could push prices back to the mid-$60,000s, increasing unrealized losses.

Elon Musk’s companies are always in the market’s spotlight. The IPO application for SpaceX will provide a new opportunity for transparency and scrutiny of the company’s assets, offering investors and markets a fresh chance for evaluation.