Musk’s SpaceX holds $603 million in bitcoin despite $5 billion loss stemming from xAI
Arkham data shows 8,285 BTC in Coinbase Prime custody as the company swings from $8 billion profit to nearly $5 billion loss ahead of its IPO push.
What to know:
- SpaceX is holding 8,285 bitcoin worth about $603 million in Coinbase Prime custody even as it reported a nearly $5 billion loss for 2025.
- The company swung from roughly $8 billion in profit a year earlier to a loss despite 2025 revenue rising to $18.5 billion, with the costs of integrating Elon Musk’s AI venture xAI outpacing sales.
- SpaceX has kept its bitcoin position unchanged since mid-2024, making it the fourth-largest known corporate holder and signaling a continued commitment to bitcoin as a treasury asset ahead of its planned IPO.
Revenue grew to $18.5 billion in 2025, but the integration of xAI, Elon Musk’s artificial intelligence venture acquired in February, drove costs past the top line.
There are no changes to the company’s bitcoin position despite these losses. Transfer history analyzed by CoinDesk shows the last significant movement was an internal rebalance roughly four months ago, with 614 BTC and 1,021 BTC moving between SpaceX’s own wallets.
The balance history chart shows holdings have remained stable since mid-2024 after peaking above $1.6 billion in value during the October 2025 all-time high.
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 the broad) view bitcoin as a treasury asset.
