SpaceX Holds 8,285 BTC at $603M Despite $5B Loss from xAI

SpaceX, the rocket company led by Elon Musk, is sitting on 8,285 BTC worth about $603 million in Coinbase Prime institutional custody. Arkham Intelligence data and a report from The Information published Friday confirm that the position has not changed since mid-2024, more than 20 months without a single sale. That puts SpaceX fourth among all known corporate holders of Bitcoin worldwide.

Record Revenue. Record Loss.

SpaceX's 2025 financials tell a strange story. Revenue hit $18.5 billion. That is the highest in company history. Yet the bottom line swung from roughly $8 billion in profit in 2024 to nearly $5 billion in losses. That is a $13 billion swing in a single year. Such a reversal rarely happens at companies with rising revenues.

The culprit is xAI. Musk's AI venture is scaling fast, building out data centers, hiring aggressively, and it is not yet profitable. The costs of integrating xAI effectively moved money out of SpaceX and into another Musk business. Through all of it, SpaceX touched not one bitcoin. Not one.

Coinbase Prime Is Not a Retail Account

Corporations holding hundreds of millions in crypto do not use regular exchange accounts. Coinbase Prime is an institutional custody platform with segregated asset storage, insurance, and full SEC-compliance infrastructure. Its clients include hedge funds, sovereign funds, and major corporations.

Choosing this setup signals something deliberate: SpaceX treats Bitcoin as a treasury-grade asset, not a speculative trade. The approach has more in common with how central banks manage gold reserves than with a retail crypto bet placed on an exchange.

SpaceX in the Corporate Bitcoin Rankings

Strategy (formerly MicroStrategy) leads with over 500,000 BTC, followed by Marathon Digital Holdings and Metaplanet. SpaceX ranks fourth. The corporate share of Bitcoin supply keeps growing even in quarters when price performance is weak.

Bitcoin and the IPO Math

SpaceX is pushing toward an IPO. Before a public listing, every line on the balance sheet gets reviewed by underwriters and prospective investors. The xAI-driven losses are a clear risk factor that needs explaining. But $603 million in Bitcoin in 2026 is no longer an oddity. It is a recognized treasury position that sophisticated investors know how to price.

A growing share of institutional investors actively look for companies with BTC exposure on their books. For them, SpaceX's Bitcoin position is a positive signal, not a red flag. That shift shows how institutional thinking around Bitcoin has moved in recent years.

Tesla Sold. SpaceX Did Not.

In 2021, Tesla bought Bitcoin and then sold most of the position. Musk took criticism for what critics called an inconsistent treasury strategy. SpaceX went the other way: bought and held. No sales, no market-timing adjustments. Twenty months of holding through volatility is a different kind of statement.

The difference between 2021 and 2026 is perception. Back then, a major company holding Bitcoin was a headline risk. Today, being the fourth-largest corporate Bitcoin holder is just a footnote in a financial report. The market has accepted Bitcoin as a corporate treasury instrument.

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Bottom Line

SpaceX holds $603 million in Bitcoin and is not selling. A $5 billion loss year, pressure from xAI costs, and an IPO on the horizon have not moved that position. For one of the most valuable private companies in the world, Bitcoin stopped being an experiment a long time ago. It is part of the plan.