SpaceX Bitcoin Wallet Moves Funds for First Time in Six Months, Analysts See No Sign of Sale

SpaceX is facing its first major public-market test after a record initial public offering, with investors weighing strong growth in its space and satellite businesses against heavy capital spending and balance-sheet volatility. The company’s bitcoin exposure has added a new source of earnings risk, while the expiration of post-IPO lockups could increase the supply of shares as employees and early investors become eligible to sell.

SpaceX reported second-quarter revenue of $7.8 billion, exceeding Wall Street forecasts, but booked a $540 million paper loss on its bitcoin holdings. The shares extended their decline to 11% as the lockup expiration approached, with investors also concerned about the company’s capital-expenditure requirements. The selloff underscores how stronger-than-expected operating results have been overshadowed by cryptocurrency losses and the prospect of additional stock entering the market.

Elon Musk's SpaceX is built around rocket launches and the Starlink satellite network. If it goes public, investors would gain indirect exposure to Bitcoin price swings alongside the risks of its aerospace operations and capital spending, putting the company's crypto holdings at the center of questions over valuation and financial transparency.

SpaceX originally planned to file confidentially as early as March 2026 and list in June. The latest reports say the IPO is priced at $135 a share and aims to raise $75 billion, with demand nearing four times the offering at $250 billion. The company holds 8,285 Bitcoin, whose market value has fallen to about $545 million as the cryptocurrency's price declined.