SpaceX aims for a valuation of around $1.5 trillion for its IPO, expected between mid and late 2026 according to Bloomberg. This would be the largest IPO ever proposed in terms of target valuation. But behind the rockets, satellites, and Starlink, another element catches attention: Elon Musk’s company holds nearly 4,000 BTC, amounting to around $369 million. At this scale, even a modest allocation becomes a strategic signal.
These crypto holdings, tracked by Arkham Intelligence through a cluster of wallets attributed to SpaceX and held at Coinbase Prime, indicate active management over time. The balance swelled during the 2021 – 2022 euphoria, shrunk afterward, and was gradually rebuilt in 2024 and 2025. Two internal transactions of over 1,000 BTC were recently observed, as well as smaller flows between Coinbase Prime and associated addresses. There is no evidence of net buys or sells, but these movements show that SpaceX’s crypto treasury remains dynamic.
An IPO that embeds bitcoin, dogecoin, and Musk’s crypto legacy
If the company goes public with such a balance sheet, investors will be buying more than just a space giant. They will also take an indirect exposure to bitcoin and, to a lesser extent, dogecoin. SpaceX has already made history by funding a lunar mission via DOGE. As for Musk, his influence on the crypto ecosystem remains strong: his tweets have propelled the price of dogecoin multiple times, and Tesla is among the first institutions to have accumulated over 11,000 BTC.
This crypto presence is not insignificant. It places SpaceX in the line of technological companies capable of integrating digital assets as part of financial strategy, while offering the stock market an indirect crypto exposure. For an IPO with over $30 billion in potential funds raised, this could change the institutional perception of bitcoin’s role in cutting-edge companies’ balance sheets.
Leveraging AI, crypto infrastructure, and Starlink
Beyond the symbolic aspect, a $1.5 trillion IPO would give Musk new resources to accelerate the expansion of Starlink, deploy highly chip-intensive space data centers, and strengthen infrastructures at the intersection of AI and blockchain. The link between SpaceX, distributed technologies, and cryptography could become a major theme of the decade.
The market is already starting to bet. Polymarket traders assign a 67% probability to a valuation exceeding $1 trillion during the IPO. In a context where tech giants redefine the role of digital capital, SpaceX’s IPO could represent a turning point: the arrival of bitcoin in the most ambitious private space project in history.
