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Hawthorne Today
By the People, for the People
SpaceX IPO Could Eclipse Tesla as Top Bitcoin-Holding Public Company
Planned $2 trillion valuation would make SpaceX the most valuable public firm with Bitcoin on its balance sheet.
Apr. 3, 2026 at 1:35pm
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A sleek, minimalist representation of SpaceX's Bitcoin holdings, which are dwarfed by the company's broader valuation and strategic importance.Hawthorne TodaySpaceX has reportedly filed confidentially for an initial public offering that could raise up to $75 billion and value the company at around $2 trillion. This would make SpaceX's IPO the largest in U.S. history and put it among the top 10 most valuable public companies globally. While SpaceX holds 8,285 Bitcoin worth $569.5 million on its balance sheet, this crypto exposure is a small fraction of its overall valuation, making the stock unlikely to trade as a Bitcoin proxy. However, the IPO would still introduce Bitcoin to one of the world's largest industrial and infrastructure businesses, changing the context in which investors encounter the cryptocurrency.
Why it matters
This potential SpaceX IPO would mark a shift in how Bitcoin enters public markets. Until now, exposure has largely come through companies built around holding the asset, like MicroStrategy. A SpaceX listing would introduce Bitcoin into one of the world's largest industrial and infrastructure businesses, changing the context in which investors encounter it. Additionally, if confirmed, SpaceX's Bitcoin holdings would make it the most valuable public company with the cryptocurrency on its balance sheet, surpassing Tesla.
The details
SpaceX's reported $2 trillion valuation would put it more than three times above the largest U.S. IPO to date. The company's Bitcoin holdings of 8,285 coins, valued at $569.5 million, make it the fourth-largest private corporate holder of BTC. However, this crypto exposure is less than 0.03% of SpaceX's planned valuation, making the stock unlikely to trade as a Bitcoin proxy. Instead, investors would be drawn to the company's dominance in commercial space, its Starlink satellite network, and its strategic relevance in defense and communications.
- SpaceX has reportedly filed confidentially for an IPO with the SEC.
- The company is looking to raise up to $75 billion and list as early as June 2026.
The players
SpaceX
An American aerospace manufacturer and space transportation services company founded by Elon Musk. It is the dominant force in commercial launches, NASA's leading launch partner, and the operator of the Starlink satellite broadband network.
Elon Musk
The founder, CEO, and chief engineer of SpaceX, as well as the CEO and product architect of Tesla.
Tesla
An American electric vehicle and clean energy company that currently holds over 11,000 Bitcoin, making it the public company with the largest known Bitcoin holdings.
Michael Saylor
The CEO of MicroStrategy, a company that has become the largest public corporate holder of Bitcoin with 762,099 coins.
What’s next
If SpaceX's public filings confirm its Bitcoin holdings, it would overtake Tesla as the most valuable public company known to own the cryptocurrency.
The takeaway
While SpaceX's Bitcoin exposure is a small fraction of its overall valuation, the potential IPO would still introduce the cryptocurrency to one of the world's largest industrial and infrastructure businesses, changing the context in which investors encounter it. The core draw for investors would be the company's scale, strategic relevance, and scarcity value, not its Bitcoin holdings.
