SpaceX IPO reveals 18,712 BTC, raises $75B

SpaceX raised $75 billion in its initial public offering, selling about 555.6 million shares at $135 each for an implied valuation near $1.77 trillion. The stock jumped more than 25% in its Nasdaq debut. The company’s S-1 filing disclosed it holds 18,712 Bitcoin.

SpaceX paid roughly $661 million for the coins, an average near $35,320 each. With Bitcoin trading near $63,600 at the time of the filing, the holdings were worth about $1.19 billion. The S-1 classifies the Bitcoin as a strategic reserve of excess cash and indicates the position represents roughly 1.8% of total assets.

The allocation places SpaceX eighth among public corporate holders of Bitcoin, according to Bitcoin Treasuries. Tesla listed 11,509 BTC through the first quarter, bringing Elon Musk’s combined corporate total to 30,221 BTC. Four public companies hold larger Bitcoin positions than Musk’s combined holdings.

Venture capitalist Tim Draper posted on X: “I love Elon Musk.. Almost as much as I love Satoshi Nakamoto.” Draper bought nearly 30,000 BTC at a 2014 auction and has a $250,000 price target for Bitcoin. Trader and podcaster Scott Melker wrote that the IPO proceeds “would be a great time for SpaceX to buy more Bitcoin.”

SpaceX previously wrote down and sold part of its Bitcoin position during the 2022 market downturn. The company faces large cash needs for Starlink expansion, Starship development and ongoing operating losses, which would compete with any decision to add to crypto holdings.

Under SpaceX’s dual-class share structure, Musk retains 82.4% of voting power, giving him control over allocation of IPO proceeds. The company may clarify its approach to Bitcoin in upcoming quarterly reports or in amendments to its treasury management policy. The S-1 disclosure has placed the company’s Bitcoin holdings before millions of new shareholders.