SpaceX’s $85 billion IPO windfall went everywhere except Bitcoin

SpaceX beat Wall Street’s revenue and earnings expectations in its first quarterly report since its record IPO, giving the company a stronger financial base for its accelerating artificial intelligence expansion.In an Aug. 4 X post, the firm revealed that its second-quarter revenue rose 92% year over year to $7.814 billion, exceeding the roughly $6.8 billion analysts expected. Adjusted EBITDA climbed 191% to $3.538 billion, well above consensus estimates of about $2 billion.The company’s net loss narrowed to $541 million from $1.008 billion a year earlier, while its operating loss improved to $143 million from $970 million.IPO cash piles into money funds while Bitcoin holdings stay flatThe revenue beat came as SpaceX directed most of its post-IPO liquidity into money-market funds and government securities while maintaining an unchanged Bitcoin balance.Notably, SpaceX had generated $85.675 billion in net proceeds during its record IPO, which helped lift its cash, cash equivalents and marketable securities to nearly $100 billion.SpaceX held $65.625 billion in money-market funds at June 30, more than triple the $21.339 billion reported at the end of 2025, according to its SEC filing.T...