Elon Musk's SpaceX Faces Over 30% Drop in Bitcoin Assets Before IPO—New Trial Ahead

Elon Musk’s SpaceX is facing new challenges ahead of its largest-ever IPO. The company’s Bitcoin holdings have rapidly declined in value, raising concerns about how this digital asset, disclosed for the first time in its filing, might impact corporate image and market valuation.

Secret IPO preparations reveal 8,285 Bitcoins

According to Bloomberg, SpaceX is already preparing a confidential IPO filing with the U.S. Securities and Exchange Commission (SEC), aiming for an official submission as early as March and a listing in June. The IPO could value the company at over $1.75 trillion and raise up to $50 billion, surpassing the 2019 Saudi Aramco record of $29 billion in fundraising.

Alongside these developments, a major asset previously kept private is coming to light. Data from blockchain analytics firm Arkham Intelligence shows that SpaceX holds 8,285 Bitcoins through Coinbase Prime custody, spread across 43 wallet addresses.

As of March 24, 2026, with Bitcoin trading around $70,600, this asset is worth approximately $545 million. However, this figure alone makes it difficult to understand the company’s strategic intent behind holding these assets.

Bitcoin value drops $235 million in three months—over 30% decline since December

Tracking SpaceX’s Bitcoin holdings reveals a dramatic story. In December, when Bitcoin was around $92,500, the company’s holdings were worth about $780 million. By early February, as Bitcoin dipped near $78,000, the value shrank to around $650 million.

Now, with Bitcoin near $70,600, the holdings are valued at about $545 million. In just three months, SpaceX’s Bitcoin assets have lost $235 million in value. Importantly, the company has not sold a single coin. This decline is purely due to market price fluctuations, occurring without any investment decisions on their part.

Unrealized losses in IPO disclosure documents pose a burden

When SpaceX files its S-1 form (IPO registration statement), it will be the first time investors and regulators see detailed information about its Bitcoin holdings. This isn’t just about transparency; it directly affects the company’s financial statements.

Unrealized losses during Bitcoin’s decline could be reflected in quarterly earnings reports. Especially immediately after listing, market attention may focus on Bitcoin’s volatility, which could offset the positive outlook of the core business. A key challenge for Elon Musk’s companies is that holding highly volatile crypto assets can generate headline risks unrelated to their main operations.

Learning from Tesla—common challenges for Musk’s companies

Tesla provides a recent precedent. Under Musk’s leadership, Tesla has experienced multi-billion dollar valuation losses during Bitcoin price drops without changing its holdings. These events have often overshadowed the company’s fundamental performance, creating waves of market sentiment and media coverage.

Notably, Tesla’s projected total revenue in 2025 is $94.8 billion, with gross profit of $17 billion. In that context, a few million dollars in unrealized Bitcoin losses represent a small percentage. Yet, historically, market interest and media coverage have vastly exceeded the economic significance of such losses.

SpaceX is likely to face similar issues. Unlike Tesla, which has repeatedly bought and sold Bitcoin, SpaceX has held its position through all market cycles, reflecting a long-term holding philosophy. According to Arkham’s analysis, this approach embodies “long-term holding and patience.”

Disclosure during market downturn—Elon Musk’s unavoidable challenge

The current market environment is far from ideal for SpaceX’s IPO disclosure. Bitcoin has experienced continuous corrections over recent months, trading around $70,600. Analysts suggest that future movements will depend heavily on geopolitical factors (like Strait of Hormuz shipping stability) and oil prices, with potential swings back to $74,000–$76,000 or a drop toward $60,000.

In such a volatile environment, IPO disclosures could be more complex for SpaceX than for Tesla. The volatility of Bitcoin unrelated to core business fundamentals might influence post-listing stock prices. This scenario exemplifies a modern challenge faced by innovative corporate leaders: managing the risks of holding highly volatile assets that can generate headline risks disconnected from their main business.