SpaceX Targets $1.75T–$2T IPO Valuation, Discloses $1.29B Bitcoin Position
SpaceX is aiming to go public at a valuation of $1.75 trillion to $2 trillion, a range that would put Elon Musk's rocket maker among the world's most valuable companies. The company submitted a confidential IPO filing in April 2026 and is expected to begin trading by June.
Prediction markets currently imply an 83% chance SpaceX debuts above $1.8 trillion, and assign a 95% probability the listing occurs by June 30, 2026.
In its S-1 filed May 20, SpaceX disclosed it holds 18,712 Bitcoins, recorded at a fair value of about $1.29 billion. The company said its cost basis was $661 million, implying an unrealized gain of roughly $630 million.
The disclosure places SpaceX among the larger corporate Bitcoin holders globally, alongside MicroStrategy and Tesla. Even at a company targeting a near-$2 trillion debut, the paper profit is material.
Investors are expected to focus primarily on operating cash flows rather than long-horizon ambitions. Starlink, SpaceX's satellite internet network, has grown into a major commercial business, now operating in dozens of countries and serving regions beyond the reach of traditional broadband. Combined with SpaceX's leading position in reusable launches, Starlink revenue and launch contracts underpin the valuation case.
SpaceX continues to frame its long-term mission around making humanity a multiplanetary species, with Starship designed to support eventual Mars efforts. The technical hurdles remain formidable, from radiation risk and the lack of a breathable atmosphere to the challenge of moving vast quantities of supplies across roughly 140 million miles. For public-market investors, the open question is how much, if at all, that Mars optionality should be reflected in a $1.8 trillion valuation.
For crypto-focused investors, the Bitcoin holding is likely the key takeaway. A billion-dollar-plus BTC position at a high-profile IPO would add another layer of institutional visibility to Bitcoin. It also introduces earnings sensitivity: with nearly 19,000 BTC on the balance sheet, a 30% quarterly drop in Bitcoin could translate into a mark-to-market loss of nearly $400 million.
