Grayscale Research has uncovered that SpaceX, the aerospace company led by Elon Musk, holds a significant Bitcoin position worth approximately $1.4 billion. This revelation comes as SpaceX prepares for its initial public offering, which could make it the largest diversified public company with Bitcoin on its balance sheet.
According to Zach Pandl, head of research at Grayscale, SpaceX currently holds 18,712 Bitcoin, based on the company’s S-1 filing with the SEC. This amount would place SpaceX as the eighth-largest known corporate Bitcoin holder globally. If the IPO proceeds as expected in June, SpaceX could become the top publicly traded diversified firm with Bitcoin holdings, trailing only Strategy Inc. in terms of overall corporate Bitcoin ownership.
Grayscale’s analysis categorizes corporate Bitcoin buyers into two groups: Digital Asset Treasuries, like Strategy, which primarily offer Bitcoin exposure to equity investors, and diversified companies such as Tesla, Coinbase, and Block, where Bitcoin is part of a broader treasury strategy. Given that SpaceX’s Bitcoin represents only about 0.1% of its projected $1.75 trillion valuation, it falls into the latter category.
The report also highlights that Tesla, another Musk-led company, holds over 11,500 BTC. Meanwhile, Strategy remains the largest corporate Bitcoin holder with roughly 850,000 Bitcoin valued near $65 billion. Pandl noted that diversified companies typically keep Bitcoin as a small portion of their overall value, unlike dedicated treasury firms.
Retail interest in SpaceX’s IPO is surging, with Stocktwits reporting extremely bullish sentiment and high message activity. Grayscale Research suggests that more diversified companies may adopt Bitcoin for treasury diversification and to mitigate fiat currency risks.
In related developments, Musk has urged investors to subscribe to GrokaAI to support the SpaceX IPO campaign. Major banks like Bank of America, Citigroup, Goldman Sachs, JPMorgan Chase, and Morgan Stanley are serving as active bookrunners, while international banks including Royal Bank of Canada, Mizuho Financial Group, and Macquarie Group are also involved.