Elon Musk’s SpaceX Files for IPO With 18,712 Bitcoin on Balance Sheet

TLDR

• SpaceX filed its S-1 with the SEC and plans to list Class A shares on Nasdaq under the ticker SPCX.
• The IPO filing showed $4.69B in Q1 revenue and a $4.28B net loss tied to heavy expansion costs.
• SpaceX disclosed 18,712 BTC at a cost basis of about $35,000 per Bitcoin in its IPO filing.
• Elon Musk will remain CEO, CTO and chairman, retaining control through SpaceX’s dual-class shares.
• SpaceX said it completed about 650 launches and handled over 80% of global orbital mass in 2025

SpaceX has filed its S-1 registration statement with the U.S. Securities and Exchange Commission, setting up a planned public listing on Nasdaq under the ticker SPCX. The filing gives investors a first detailed view of the company’s financial position, Bitcoin holdings, ownership structure and expansion plans.

The Elon Musk-led company plans to list its Class A common stock on Nasdaq and Nasdaq Texas. Goldman Sachs, Morgan Stanley, BofA Securities, Citigroup and J.P. Morgan are listed as joint book-running managers for the offering.

The filing shows SpaceX generated $4.69 billion in first-quarter revenue and recorded a $4.28 billion net loss. The company also disclosed that it holds 18,712 Bitcoin at a cost basis of about $35,000 per BTC, adding a digital asset component to one of the most closely watched IPO filings of the year.

SpaceX Discloses Revenue, Loss and Bitcoin Holdings

SpaceX’s first-quarter figures show the scale of the company’s operations and the cost of its growth strategy. Revenue from launch services, Starlink and other business lines remains large, but spending tied to artificial intelligence, infrastructure, research and Starship development continues to weigh on earnings.

The Bitcoin disclosure places SpaceX among the more visible corporate Bitcoin holders preparing to enter public markets. At 18,712 BTC, the company’s holdings represent a sizable treasury position, though the filing presents Bitcoin as one part of a broader aerospace, satellite and AI infrastructure business.

The company’s latest public documents also show rising costs in its AI segment. SpaceX said cost of revenue in that business increased 29% in 2025 to $2.18 billion, driven by infrastructure and cloud computing costs. Research and development costs in the AI segment rose sharply to $5.06 billion, with higher GPU depreciation and cloud expenses listed as key factors.

Musk Retains Control Through Dual-Class Shares

Elon Musk will remain SpaceX’s chief executive, chief technical officer and chairman after the IPO. The filing shows he owns 12.3% of Class A shares and 93.6% of Class B shares.

SpaceX will use a dual-class share structure. Class A shares carry one vote each, while Class B shares carry 10 votes each. The structure will allow Musk to control matters requiring shareholder approval, including board elections.

The company said it expects to qualify as a controlled company under Nasdaq rules. That status can allow certain exemptions from corporate governance requirements that apply to other listed firms.

SpaceX’s public filing comes shortly after Musk lost a lawsuit against OpenAI, Chief Executive Sam Altman and President Greg Brockman. An advisory jury found that Musk waited too long to bring claims related to OpenAI’s nonprofit origins, and the judge adopted the verdict. Musk has said he plans to appeal.

Starlink, Launch Services and Orbital AI Plans

The prospectus positions SpaceX as a company operating across reusable rockets, launch services, satellite internet, AI infrastructure and long-term orbital systems. As of March 31, 2026, SpaceX said it had completed about 650 launches, with more than 85% using one or more reused boosters.

The company said it accounted for more than 80% of global mass sent to orbit in 2025. It also said it had flown 78 crewmembers by the end of March.

Starlink remains one of SpaceX’s core business lines, supported by a satellite network of about 10,000 satellites. The company is also seeking approval from the Federal Communications Commission to launch up to 1 million satellites as part of a future space-based data center network.

SpaceX said it expects to begin deploying orbital data centers as early as 2028. The company said these systems could support AI projects through satellite-based computing powered by solar energy, though technical and regulatory hurdles remain.

The filing moves SpaceX closer to a likely Nasdaq debut next month. Reuters has reported that the company may target a valuation near $1.75 trillion, above the $1.25 trillion valuation assigned after its February merger with xAI.

The post Elon Musk’s SpaceX Files for IPO With 18,712 Bitcoin on Balance Sheet appeared first on CoinCentral.