SpaceX is sitting on 8,285 $BTC worth $603 million in the custody of Coinbase Prime while reporting a loss of nearly $5 billion for 2025, according to data from Arkham Intelligence and a report from The Information published Friday evening.
The loss marks a sharp reversal from the previous year, when SpaceX generated about $8 billion in profits on revenues estimated between $15 billion and $16 billion.
Revenue reached $18.5 billion in 2025, but the integration of xAI, Elon Musk’s artificial intelligence company acquired in February, pushed costs beyond revenue.
There is no change in the company’s Bitcoin position despite these losses. Transfer history analyzed by CoinDesk shows that the last significant move was an internal rebalancing about four months ago, with 614 $BTC and 1,021 $BTC move between SpaceX’s own portfolios.
The historical balance chart shows that holdings have remained stable since mid-2024 after peaking at over $1.6 billion in value at the all-time high in October 2025.
For a company that just posted a $5 billion loss and is actively pursuing an IPO, holding $603 million in a volatile asset rather than liquidating it to improve the balance sheet is a statement about how Musk (or broadly) views bitcoin as a treasury asset.
SpaceX’s holding is now the fourth largest known corporate bitcoin holding behind Strategy, Marathon Digital and Riot Platforms.
CoinDesk reported last month that SpaceX had filed for an IPO that would disclose Bitcoin’s position in public filings for the first time, potentially forcing a fair value accounting decision under new FASB rules that took effect in late 2025.
