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Hawthorne Today
By the People, for the People
SpaceX and xAI Merge Into $1.25 Trillion Company With $650 Million Bitcoin Holdings
The combined entity inherits SpaceX's substantial bitcoin position ahead of its planned IPO.
Feb. 3, 2026 at 2:15am
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SpaceX and xAI have merged to form a new company expected to go public at a $1.25 trillion valuation. The merged entity will inherit SpaceX's bitcoin holdings of approximately 8,300 BTC, worth around $650 million. Elon Musk cited the need for space-based AI to scale as the rationale for the merger. The deal concentrates crypto exposure across Musk's business empire, including Tesla's bitcoin position.
Why it matters
The merger brings SpaceX's significant bitcoin holdings into focus as the company prepares for its public listing. This will require the new entity to establish clear policies for handling the bitcoin position, including decisions about holding, selling, or adding to it. The experience could mirror Tesla's challenges with bitcoin accounting and investor perception.
The details
The merged company is expected to go public at a valuation of $1.25 trillion, according to Bloomberg. SpaceX has held around 8,300 BTC, worth approximately $650 million, since 2021. Unlike Tesla, SpaceX has not traded its bitcoin position. However, the public listing will subject the holdings to new accounting and disclosure requirements, potentially impacting the company's financial reporting.
- SpaceX acquired xAI in February 2026 to form the new $1.25 trillion company.
- SpaceX first purchased bitcoin in 2021, before the merger with xAI.
The players
SpaceX
An American aerospace manufacturer and space transportation services company founded by Elon Musk.
xAI
An artificial intelligence firm founded by Elon Musk.
Elon Musk
The CEO and product architect of Tesla, and the founder, CEO, and chief engineer of SpaceX.
Tesla
An American electric vehicle and clean energy company founded by Elon Musk.
What they’re saying
“In the long term, space-based AI is obviously the only way to scale.”
— Elon Musk
What’s next
The new $1.25 trillion company will need to establish clear policies for handling its $650 million bitcoin position ahead of its planned IPO.
The takeaway
The merger of SpaceX and xAI creates one of the most valuable private companies in the world, with a significant bitcoin holding that will require careful management as the new entity prepares to go public.
