Elon Musk Not Selling Bitcoin Despite $5 Billion Loss, What's His Real Intention Ahead of IPO?

▲ SpaceX, Bitcoin / ChatGPT generated image ©

Market attention is focused on SpaceX, the space exploration company led by Elon Musk, which is firmly holding onto over $600 million worth of Bitcoin (BTC) without selling a single one, even as it records a massive deficit due to the integration of its artificial intelligence business and prepares for an initial public offering (IPO).

According to cryptocurrency media outlet CoinDesk on April 12 (local time), data analysis from blockchain analytics platforms Arkham Intelligence and The Information shows that SpaceX currently holds 8,285 Bitcoins, valued at $603 million, in its Coinbase Prime custody wallet.

SpaceX's total revenue grew to $18.5 billion in 2025, but its financial situation significantly worsened as the integration costs of xAI, an artificial intelligence venture acquired last February, overwhelmed its revenue. This represents a critical deficit of $5 billion, a stark contrast to the previous year's profit of approximately $8 billion on revenues of $15 billion to $16 billion.

Despite such massive losses and significant cash outflows, the company's Bitcoin holdings have remained steadfast without a single sale since mid-2024. The only movement was an internal transfer of 614 and 1,021 units between its own wallets about four months ago, and even when its valuation surpassed $1.6 billion during its all-time high in October 2025, it did not realize any profits.

Actively pursuing an IPO while in a $5 billion deficit, where cash flow improvement is urgently needed, yet not liquidating volatile virtual assets, proves Musk's firm belief in Bitcoin as a long-term financial reserve asset. This positions the company as the fourth-largest corporate holder of Bitcoin globally, following Strategy, Marathon Digital, and Riot Platforms.

The media outlet reported that SpaceX plans to transparently disclose its Bitcoin holdings to the public for the first time through its upcoming IPO filings. This is expected to be a significant turning point, mandating fair value accounting treatment in accordance with new Financial Accounting Standards Board (FASB) regulations that took effect at the end of 2025.

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