SpaceX just posted a $540 million bitcoin loss and every corporate BTC holder felt it

The first public earnings from Elon Musk’s space company reveal the real cost of holding bitcoin on a balance sheet under the new accounting rules. The numbers tell a story that the “laser eyes” crowd would prefer to skip. Summary SpaceX reported second quarter revenue of $7.8 billion, beating Wall Street expectations by $900 million, but its bitcoin holdings fell from $1.64 billion at the end of 2025 to $1.10 billion at the end of June 2026, a decline of $540 million that flowed directly through the income statement. The company disclosed it holds 18,712 BTC in its SEC filing, more than double the 8,285 coins that on-chain analytics firm Arkham Intelligence had tracked to SpaceX wallets as recently as May 2026, suggesting the company aggressively accumulated bitcoin in the weeks surrounding its $86 billion IPO. Under the FASB fair-value accounting standard (ASU 2023-08) that took effect for fiscal years beginning after December 15, 2024, companies must now report both gains and losses on crypto holdings through the income statement each quarter, replacing the old impairment-only model that could only write values down. SpaceX is the first major company to report its initial quarte...