SpaceX IPO raises $10B more than expected, reveals massive Bitcoin treasury

SpaceX just pulled off the biggest IPO in history, and it wasn’t even close. The company raised $75 billion on June 12 by selling 555.6 million shares at $135 each, blowing past initial expectations by roughly $10 billion and doubling the previous record held by Saudi Aramco.

But here’s the thing that should matter most to crypto investors: buried in SpaceX’s S-1 filing is a treasury reserve of 18,712 BTC, valued at approximately $1.29 billion as of the end of Q1 2026. That makes SpaceX the largest Bitcoin treasury ever linked to an IPO.

The numbers behind the record

The IPO valued SpaceX at approximately $1.77 trillion. On day one of trading, shares opened as high as $162 and surged up to 20%, briefly pushing the company’s market capitalization above $2 trillion.

Demand was enormous. The offering was more than 2x oversubscribed, with institutional orders alone exceeding $10 billion. Retail investors weren’t shut out entirely, receiving at least 20% of the total share allocation.

The Bitcoin angle investors can’t ignore

SpaceX holding 18,712 BTC isn’t just a line item in a regulatory filing. It’s a strategic statement. At $1.29 billion, the position represents a relatively small fraction of SpaceX’s overall valuation.

The move places SpaceX in a growing but still exclusive club of major corporations that hold Bitcoin on their balance sheets. MicroStrategy famously pioneered the corporate Bitcoin treasury strategy years ago, and Tesla briefly held BTC before selling most of its position. SpaceX’s decision to hold through an IPO, and to disclose it prominently in its S-1, adds a different kind of legitimacy to the practice.

What this means for crypto investors

For traders watching the crypto market, the IPO creates a new variable worth monitoring. SpaceX is now a publicly traded company with a substantial Bitcoin position. That means quarterly 10-Q filings will disclose any changes to its BTC holdings, creating regular catalysts, or potential headwinds, for Bitcoin sentiment depending on whether SpaceX is buying, holding, or selling.

The risk side deserves attention too. A $1.29 billion BTC position is subject to volatility that could require SpaceX to mark losses in earnings reports. The accounting treatment of crypto assets on corporate balance sheets remains a source of friction, even as FASB’s fair value rules have improved the situation.

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