SpaceX IPO Seeks to Raise Over 50 Billion: Will This Largest-Ever Capital Flow Be Injected Into Bitcoin?

TradingKey - SpaceX may increase its Bitcoin holdings after its IPO to develop the Grok model and spatial AI data centers.

According to a report from The Information on March 25, SpaceX plans to file for an IPO as early as this week, with the company potentially raising more than $75 billion. If so, SpaceX's fundraising scale would break Saudi Aramco's record ($29.4 billion), making it the largest IPO in history.

SpaceX is set to generate an unprecedented fundraising scale; furthermore, its founder is Elon Musk, and the company is a steadfast institutional holder of Bitcoin ( BTC ), leading the crypto community to closely monitor the progress of SpaceX's listing. Some investors worry that SpaceX might sell off Bitcoin due to compliance issues, while others believe it may increase its holdings after the capital raise. What impact will SpaceX's listing ultimately have on Bitcoin?

SpaceX’s Bitcoin Journey

In July 2021, Elon Musk first publicly confirmed at "The ₿ Word" conference that SpaceX holds Bitcoin. According to data from Arkham Intelligence, SpaceX's holdings once reached 28,000 BTC in the early stages, valued at approximately $1.8 billion at the time.

In 2022, the Terra-Luna collapse and the FTX bankruptcy triggered a "crypto winter," during which SpaceX consistently sold off Bitcoin, reducing its holdings to around 8,000 BTC. In 2025, in preparation for its IPO, SpaceX consolidated Bitcoin scattered across 28 legacy addresses into a compliant custody platform to ensure asset transparency in its S-1 registration statement. As of the first quarter of 2026, SpaceX confirmed holdings of 8,285 BTC.

According to CoinGecko data, SpaceX's Bitcoin holdings rank approximately 20th globally, just behind Block ( XYZ ), and lower than Tesla's ( TSLA) 11,000 BTC, compared to the top-ranked MicroStrategy ( MSTR ), which is far ahead with over 760,000 BTC.

Top 10 entities by Bitcoin holdings, Source: CoinGecko

What impact would a SpaceX IPO have on Bitcoin?

A successful public listing for SpaceX in 2026 would mark a milestone in global financial history. Given its staggering projected valuation of $1.75 trillion and its steadfast position in Bitcoin, the impact on the Bitcoin market will be profound and multi-dimensional, primarily encompassing regulatory compliance, capital flows, and psychological expectations.

The ultimate endorsement for Bitcoin's 'corporate standardization': A SpaceX IPO means its S-1 prospectus must provide detailed disclosures on the acquisition costs, storage methods, and risk assessments of its Bitcoin holdings, potentially leading Microsoft ( MSFT ), Oracle ( ORCL ), and other S&P 500 companies to follow suit, viewing Bitcoin as a legitimate and auditable treasury reserve asset.

Index fund buying: Following its listing, there is a high probability that SpaceX will be quickly included in the Nasdaq 100 Index. As thousands of ETFs and pension funds worldwide purchase SpaceX shares, they are effectively making an indirect allocation to Bitcoin. This passive capital inflow will provide a long-term, stable floor for Bitcoin.

A new narrative for future technology: SpaceX has merged with xAI and plans to build orbital AI data centers. In such a decentralized and borderless physical space, Bitcoin's settlement properties as a 'native digital currency' may be mentioned in the prospectus's forward-looking statements, sparking market frenzy for the 'space economy + cryptocurrency' narrative.

Will SpaceX increase its Bitcoin holdings?

SpaceX is unlikely to increase or decrease its Bitcoin holdings before its official IPO in June 2026. Large-scale accumulation or divestment during the sensitive period preceding an S-1 filing would complicate the auditing process and hinder a smooth public listing. Consequently, SpaceX is expected to have no significant impact on Bitcoin's price prior to its IPO.

However, the possibility that SpaceX may increase its Bitcoin holdings post-IPO cannot be ruled out. There are currently two signs of such motivation: first, SpaceX-affiliated xAI recently started recruiting "cryptocurrency quantitative experts" to utilize the Grok model for on-chain data analysis; second, Musk’s "Space AI Data Center" project requires a decentralized cross-border settlement tool, and Bitcoin, as a native asset on the balance sheet, is the most likely candidate to become the underlying clearing layer in the future Starlink ecosystem.

If SpaceX increases its Bitcoin holdings, its influence could surpass that of MicroStrategy. This is because the former treats Bitcoin as an experimental piece of interplanetary financial infrastructure with potential utility value, whereas MicroStrategy is a Bitcoin-leveraged firm whose reserves primarily serve Wall Street's crypto-finance, carrying potential risks even greater than BTC itself.