Data from Arkham reveals 8,285 BTC held in Coinbase Prime as the firm shifts from an $8 billion gain to a nearly $5 billion loss prior to its IPO.

Key Highlights:

• SpaceX currently holds 8,285 bitcoin, valued at roughly $603 million, within Coinbase Prime custody, despite reporting a loss of nearly $5 billion for 2025.
• While 2025 revenues climbed to $18.5 billion, the company experienced a sharp downturn from a previous $8 billion profit, as the expenses of integrating xAI, Elon Musk’s AI company, exceeded total sales.
• By maintaining a steady bitcoin position since mid-2024, SpaceX has become the fourth-largest corporate holder of the asset, signaling a long-term commitment to BTC as a treasury reserve ahead of its IPO.

According to Arkham Intelligence and a report by The Information, SpaceX is holding 8,285 BTC (approximately $603 million) in Coinbase Prime while recording a loss of nearly $5 billion for 2025.

This financial result represents a dramatic shift from the previous year, during which the company earned about $8 billion in profit on estimated revenues between $15 billion and $16 billion.

Despite revenue increasing to $18.5 billion in 2025, the costs associated with absorbing xAI, the AI venture acquired by Musk in February, pushed expenditures beyond the company’s income.

These losses have not affected the company’s cryptocurrency holdings. Transfer records analyzed by CoinDesk indicate that the only recent significant activity was an internal rebalance of 614 BTC and 1,021 BTC between SpaceX’s own wallets about four months ago.

Holdings have remained constant since mid-2024, having reached a peak value of over $1.6 billion during the market high in October 2025.

The decision to keep $603 million in a volatile asset rather than liquidating it to offset a $5 billion loss—especially while preparing for an IPO—suggests a strong belief in bitcoin’s value as a treasury asset by Musk and the board.

SpaceX now ranks as the fourth-largest known corporate owner of bitcoin, trailing only MicroStrategy, Marathon Digital, and Riot Platforms.

CoinDesk previously reported that SpaceX’s IPO filing would likely disclose this bitcoin position for the first time, which may require a fair-value accounting approach under the new FASB rules implemented in late 2025.