SpaceX's S-1 filing with the SEC discloses 18,712 bitcoin on its balance sheet at $1.45B fair value, purchased for just $661M. The company targets a $1.75T valuation in what could be the largest IPO in history.
SpaceX's S-1 filing with the SEC discloses 18,712 bitcoin on its balance sheet at $1.45B fair value, purchased for just $661M. The company targets a $1.75T valuation in what could be the largest IPO in history.
SpaceX officially filed its S-1 registration statement with the SEC on May 20, confirming plans for a Nasdaq listing under ticker SPCX. The filing reveals the company holds 18,712 BTC at a fair value of $1.45 billion as of May 2026 — purchased for $661 million, representing a 120% unrealized gain.
The holding places SpaceX among the largest corporate bitcoin treasuries. For comparison, Tesla holds 11,509 BTC while Strategy (formerly MicroStrategy) leads with 843,738 BTC.
SpaceX is targeting a $1.75 trillion valuation with an $80 billion raise, which would surpass Saudi Aramco's $29.4 billion debut as the largest IPO ever. The roadshow begins June 4 with listing expected June 12.
The filing also reveals Anthropic is contracted to pay SpaceX $1.25 billion per month for compute through 2029, highlighting the convergence of AI infrastructure and space-based data services. SpaceX generated $18.5 billion in revenue in 2025, with Starlink accounting for roughly 45%.
The company behind the world's biggest IPO also happens to be one of the largest corporate bitcoin holders — and nobody knew until now.
The real signal isn't just the $1.45B position — it's that SpaceX bought at an average cost of ~$35,300 per BTC and held through the entire cycle. This is not a treasury diversification story. This is conviction. When a company with $1.75T implied valuation holds 2.4% of its balance sheet in bitcoin, it normalizes BTC as a reserve asset at the highest levels of corporate finance. The IPO also creates a new avenue for indirect BTC exposure — every SPCX shareholder is effectively long bitcoin by proxy.
The OCC granted Circle final approval to establish Circle National Trust, a federally supervised national trust bank, placing the world's second-largest stablecoin (USDC, $73.2B) under direct federal banking oversight — with reserve management as a planned future capability.
Morgan Stanley amended SEC filings for its proposed Ethereum (MSSE) and Solana (MSOL) ETFs with a 0.14% management fee — the lowest in crypto ETFs — while offering staking yield (50-80% ETH, up to 100% SOL). Its Bitcoin ETF (MSBT), launched just April 8, already holds $364M.
SWIFT announced its blockchain-based shared ledger is ready for initial use, with 17 Tier 1 banks across six continents preparing to pilot live tokenized deposit transactions. The network — used by 11,500+ financial institutions and moving the equivalent of global GDP every 2-3 days — built the ledger in just nine months, marking the most significant mainstream blockchain deployment by traditional finance infrastructure.