SpaceX holds $603m in Bitcoin on Coinbase Prime

SpaceX held 8,285 bitcoin worth about US$603 million in Coinbase Prime custody, according to Arkham Intelligence data, even as it reported a nearly US$5 billion loss for 2025 after xAI integration costs outpaced US$18.5 billion in revenue.

Blockchain transfer data showed no change in the company’s bitcoin position, with the last notable movement about four months ago, when 614 BTC and 1,021 BTC shifted between SpaceX-controlled wallets.

SpaceX made about US$8 billion in profit on US$15 billion to US$16 billion in revenue a year earlier, and its current stash ranks as the fourth-largest known corporate bitcoin holding behind Strategy, Marathon Digital, and Riot Platforms.

🔗 Source: CoinDesk

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The US$5 billion loss is tied to the xAI deal, though the details remain unclear

The loss was linked to SpaceX’s acquisition of Elon Musk’s AI startup xAI, with the combined company valued at US$1.25 trillion 1.
Musk said the acquisition aims to build “orbital data centers” by blending AI with SpaceX rocket and satellite systems 1.
The loss surfaced ahead of an initial public offering, or IPO, effort where a value as high as US$1.75 trillion has been discussed 2.

A mega-IPO that could drain the market

The results set up an IPO that could shake markets, based on CNBC host Jim Cramer’s comments tied to a report that SpaceX confidentially filed its S-1, the registration form companies submit to go public, on April 1, targeting US$1.75 trillion to US$2 trillion ahead of a potential June listing 3.
Cramer said heavy demand plus a small initial float, meaning the limited number of shares available for public trading at launch, could lift the company to US$3 trillion and force an S&P 500 rebalancing that pulls hundreds of billions of dollars from existing stocks 3.
He also raised the idea of a “Musk swap,” where investors sell Tesla shares to buy SpaceX, with the growth case tied to recurring Starlink broadband revenue 3.
He added that an offering of this size, along with other expected AI mega-IPOs, could soak up investor cash and push other planned listings to the sidelines 3.