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SpaceX is going public, and it’s not being subtle about it. The company plans to raise $75 billion by selling 555.6 million shares at $135 each, a move that would make it the largest initial public offering in history and value the firm between $1.75 trillion and $1.77 trillion.
Buried in the filing is a detail that should make crypto investors sit up straight: SpaceX holds 18,712 BTC on its balance sheet, worth approximately $1.29 billion as of March 31, 2026. That makes Elon Musk’s rocket company one of the largest known corporate Bitcoin holders on the planet.
The numbers behind the monster listing
The offering has been filed with the SEC, with a roadshow expected to kick off imminently. SpaceX plans to trade on Nasdaq under the ticker SPCX, with a target listing date around June 12, 2026.
To put that $75 billion raise in context, the previous record for an IPO was Saudi Aramco’s 2019 debut, which pulled in roughly $29.4 billion. SpaceX isn’t just aiming to break that record. It’s aiming to more than double it.
The company’s private market valuation tells its own story of momentum. In mid-2025, SpaceX was valued at around $400 billion. By December 2025, that figure had doubled to $800 billion after confidential filings began circulating.
Revenue for 2025 came in at approximately $18.7 billion, a 33% jump year-over-year. The filing also disclosed a net loss.
One notable strategic shift: SpaceX had previously explored spinning off its Starlink satellite division as a standalone public company. That plan has been scrapped. Instead, the IPO will offer investors exposure to the entire business, including ambitious AI-related projects that the company has been developing internally.
The Bitcoin treasury play
SpaceX’s 18,712 BTC position joins a growing but still relatively small club of public corporations that treat Bitcoin as a treasury reserve asset. The most famous member of that club is Strategy (formerly MicroStrategy), which pioneered the corporate Bitcoin treasury model. Tesla, another Musk-controlled entity, has also held Bitcoin on its books.
At $1.29 billion, the Bitcoin position represents less than 0.1% of the projected market cap. Every quarter, SpaceX will now have to report its BTC holdings, gains, and losses as a result of the public filing requirement.
Governance concerns and what investors should watch
Elon Musk will retain approximately 82.4% of voting power through a dual-class share structure, with his Class B shares carrying outsized influence over corporate decisions. Some investors have already flagged governance concerns around this concentration of power.
The financial math also deserves scrutiny. A $1.75 trillion valuation on $18.7 billion in revenue implies a price-to-sales ratio north of 90x. If the IPO proceeds as planned and Musk’s net worth crosses the $1 trillion threshold post-IPO as projected, the world’s richest person will also be one of its most prominent Bitcoin bulls.
Disclosure: This article was edited by Editorial Team. For more information on how we create and review content, see our Editorial Policy.
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