Odaily Planet Daily reports that, according to its latest S-1 filing, SpaceX holds approximately 18,712 bitcoins, with a current market value of about $1.4 billion—significantly higher than previous market expectations—and an approximate cost basis of $661 million.
This Bitcoin holding has become a significant component of SpaceX’s balance sheet, accounting for approximately 1.8% of total assets and positioning it as one of the leading corporate Bitcoin holders, behind only a few institutional entities. More critically, the accounting treatment poses financial volatility risks. Analysts note that measuring Bitcoin at fair value will cause its price fluctuations to be directly reflected in quarterly financial statements, potentially leading to significant earnings volatility unrelated to its core business operations—such as rocket launches and satellite services—resulting in substantial "accounting noise."
Market participants believe this mechanism may make it harder for investors to assess SpaceX's true operating performance, with Bitcoin holdings potentially evolving from "strategic reserve assets" into a key variable affecting financial statement stability (Fortune).