SpaceX’s $300M Bitcoin Stack Puts Crypto Inside the World’s Biggest Planned IPO

SpaceX is working toward a stock-market listing that could value the company at around $1.5 trillion, making it the biggest public market offering by that metric, according to Bloomberg.

If that happens, investors won’t just be buying into rockets and satellites. They’ll also be buying into a company that holds thousands of bitcoin and has already used dogecoin to fund a mission to the Moon.

A Bloomberg report late Tuesday said the Elon Musk–run company is moving ahead with plans for an initial public offering that would seek to raise “significantly more than $30 billion,” targeting a valuation in the region of $1.5 trillion and a listing as soon as mid-to-late 2026.

At that scale, even small balance-sheet allocations matter.

Arkham Intelligence, a blockchain analytics firm that tracks identified entities, shows a wallet cluster labeled “SpaceX” holding about 3,991 BTC, worth roughly $369 million at a bitcoin price of around $92,500.

The addresses are tagged as being held via Coinbase Prime custody, and the balance history chart indicates the holding has fluctuated over the past several years – rising sharply during the 2021–2022 bull market, then dropping and later rebuilding through 2024 and 2025.

Recent transfers in Arkham’s view show large internal movements on bitcoin’s base layer, with two transactions of just over 1,000 BTC each in the past week, alongside smaller flows between Coinbase Prime and addresses in the cluster.

It's worth noting that these transfers could be internal transfers, as opposed to any buys or sells.

While the deal is still more than a year away and contingent on market conditions, Musk’s proximity to crypto continues to amplify every development.

Musk’s influence on dogecoin is well documented, from him posting memes that moved markets to SpaceX accepting the token for its DOGE-1 lunar mission.

His companies were among the earliest institutional bitcoin adopters, with renewables tech company Tesla reporting over 11,000 BTC holdings on its balance sheet.

A SpaceX IPO would give him fresh capital for Starlink expansion and chip-heavy space data centers, potentially broadening his influence in sectors that intersect with both AI and crypto infrastructure.

Meanwhile, early data from prediction market Polymarket show growing confidence that SpaceX’s valuation at IPO could exceed $1 trillion, with traders assigning a 67% probability that the market cap surpasses the benchmark as of early Wednesday.