Elon Musk’s SpaceX is reportedly moving toward a confidential IPO filing this March, followed by a potential June listing. The company is aiming for a valuation of $1.75 trillion by raising up to $50 billion. The debut of the aerospace giant in the public market is expected to surpass Saudi Aramco’s $29 billion in 2019.
Beyond the record-breaking valuation, the filing is expected to provide the first official look at SpaceX’s Bitcoin treasury, currently valued at approximately $544.8 million. While the company’s stack of 8,285 BTC has remained largely unchanged since the beginning of 2026, its value has suffered due to the high volatility, dropping nearly $235 million from its December peak. As SpaceX prepares for a record-breaking listing, it might need to justify maintaining such a large, volatile digital asset position to traditionally risk-averse institutional investors.
The Road to a $1.75 Trillion IPO
SpaceX is moving forward with a confidential S-1 filing to the U.S. SEC (Securities and Exchange Commission) in March, a strategic move that shields its sensitive financial data from competitors during the initial review. Following the merger with Musk’s artificial intelligence startup, xAI, SpaceX is currently valued at $1.25 trillion, which is expected to climb up to $1.75 trillion post-IPO in June. If SpaceX manages to achieve this target, it will become the sixth most valuable company in the S&P 500, joining the ranks of tech giants such as Amazon and Alphabet.
The rationale behind this massive valuation extends far beyond rockets. SpaceX’s satellite internet constellation, Starlink, is now a global utility generating over $10 billion in annual revenue with high margins. Furthermore, the recent merger with xAI has added a new dimension to SpaceX’s infrastructure by integrating advanced artificial intelligence into its orbital network.
By controlling over 80% of U.S. space launches, SpaceX currently holds a near-monopoly in orbital access. With these three pillars highlighted in the profile, SpaceX is expecting to break all IPO records.
The Bitcoin Treasury
The IPO filing will also force the first official public disclosure of SpaceX’s Bitcoin Treasury. According to Arkham Intelligence on-chain data, the company is currently holding 8,285 BTC valued at approximately $544.8 million. Despite maintaining its position throughout 2026, the treasury has suffered a nearly $235 million “paper loss” over the last three months due to high market volatility.
This is not the first time SpaceX’s portfolio has been impacted due to the high volatility of BTC. It peaked in 2021 with the value reaching nearly $2 billion. However, a sharp decline was experienced during the 2022 market downturn, and the value has fluctuated between $400 million and $800 million in the last 2 years.
Once SpaceX goes public, these values will no longer be private. Under the current SEC reporting rules, crypto price swings must be reported in the quarterly earnings. Much like Tesla, where the Bitcoin volatility has caused discussions in the market, SpaceX may also find itself in a position where the turbulence in the crypto market will affect its balance sheet.
