SpaceX formally confirmed plans to go public on Wednesday, setting the stage for what could be the largest initial public offering in history and one that could propel CEO Elon Musk into becoming the world’s first trillionaire.
The rocket and satellite internet company filed an S-1 registration statement with the U.S. Securities and Exchange Commission, giving investors their first detailed look at one of the world’s most valuable private companies ahead of its planned initial public offering next month.
As of March 31, SpaceX held 18,712 Bitcoins The fair value on its balance sheet is $1.29 billion, documents show. Today, those assets are worth nearly $1.45 billion, with Bitcoin trading at just over $77,000.
The holding puts the company among a handful of major companies holding significant amounts of Bitcoin. According to data from BitcoinTreasuries, Musk’s other company Tesla holds 11,509 Bitcoins on its balance sheet. Michael Saylor’s strategy currently holds the largest number of Bitcoins, at 843,738.
Largest IPO
SpaceX is reportedly seeking a valuation of more than $1.5 trillion, with reports that it could reach $2 trillion. If successful, the company would immediately join Apple, Microsoft and Nvidia among the 10 most valuable public companies in the world.
If the valuation cap is reached, the listing could also surpass Saudi Aramco’s 2020 initial public offering and become the largest IPO in history. The Saudi oil giant raised $29.4 billion from investors in a public offering that valued it at about $1.7 trillion.
Investor interest is expected to be strong as SpaceX dominates commercial rockets and satellite internet through its Starlink business. The company has built a lead over its competitors with its reusable launch systems and rapidly expanding global satellite network.
The S-1 filing provides a rare look at SpaceX’s financial health, including revenue growth, capital expenditures, legal risks and ownership structure. Investors are closely watching the filing for clues about how much voting power Musk will retain if the company goes public. The company’s revenue in 2025 will be $18.7 billion, up from $14 billion in 2024, according to the filing.
SpaceX also mentioned its work in artificial intelligence, arguing that the area could be a “trillion-dollar market opportunity” combined with its other lines of business.
Musk already controls Tesla, xAI and social media platform X, making SpaceX one of the most anticipated tech public companies in years. For SpaceX, Musk will serve as its CEO, chief technology officer and chairman of the board of directors.
Liquidity loss
The IPO will also mark another milestone in the adoption of Bitcoin in corporate financing as big tech companies continue to add the digital asset to their balance sheets.
SpaceX isn’t the only company on the verge of a massive IPO, however. Two of the largest artificial intelligence companies, OpenAI and Anthropic, are also considering public debuts.
If these three IPOs come to market within a similar time frame, investors may divert funds from other risk assets, such as cryptocurrencies, into these public offerings, potentially depleting the digital asset’s liquidity.
Read More: SpaceX’s $75 Billion IPO May Deplete Liquidity That Helped Boost Bitcoin and Cryptocurrencies
Update (May 20, 6:01 p.m. ET): Add more context throughout the text.
