[business]

May 20, 2026

SpaceX filed its S-1 registration statement with the SEC on Wednesday, publicly disclosing for the first time that it held 18,712 bitcoin on its balance sheet as of March 31, 2026, at a fair value of $1.29 billion. The filing sets the stage for what analysts expect could be the largest IPO in stock market history, with the company targeting a valuation of more than $1.5 trillion.

The S-1 — the primary document in a public offering — is the first official confirmation of SpaceX's bitcoin holdings. At the Q1 fair-value figure, the position was carried at a cost basis of roughly $35,000 per coin, implying SpaceX accumulated most of its holdings well before this year's price run. At bitcoin's spot price on May 20 of approximately $77,578, the 18,712 BTC would be worth around $1.45 billion. The disclosure puts SpaceX above Tesla (approximately 11,509 BTC) in the corporate holder rankings, and far behind Strategy, which holds roughly 843,738 BTC. Where it matters is the context: this is an SEC-registered document, not a voluntary press release — it is the first time the figure appears in a primary regulatory filing.

On its finances, SpaceX reported Q1 2026 revenue of $4.69 billion, with a net loss of $4.28 billion, versus a loss of $528 million in the same quarter a year earlier. The loss reflects accelerating investment in Starship, Starshield government contracts, and the company's AI infrastructure build-out. Full-year 2025 revenue was $18.67 billion. The company plans to list its Class A shares on Nasdaq under the ticker SPCX, with Elon Musk retaining 85.1% combined voting power as CEO, CTO, and chairman post-IPO.

If the $1.5 trillion-plus valuation target is met, SpaceX would rank among the ten most valuable publicly traded companies globally and could surpass Saudi Aramco's 2019 offering as the largest IPO on record. Some analysts have noted that simultaneous public debuts from SpaceX, OpenAI, and Anthropic in 2026 could draw substantial risk-on capital away from other asset classes, including crypto markets.

Source: SpaceX S-1 registration statement filed with the SEC, May 20, 2026 (EDGAR accession 000162828026036936).