On Wednesday, SpaceX transferred another 1,021 bitcoins, valued at approximately $94.5 million.
The transaction was divided between two unnamed addresses under Coinbase Prime custody. One address received 614 BTC, while the other got 407 BTC.
This marks the ninth transaction from SpaceX this year, with recent transfers totaling approximately 8,910 BTC, worth around $924 million. Analysts suggest that the firm is consolidating its assets and updating its legacy bitcoin addresses.
Arkham Intelligence has identified SpaceX’s bitcoin holdings on-chain. The company is estimated to control about 3,991 BTC, equivalent to roughly $367 million at current market rates. These holdings have varied significantly over recent years.
The total previously exceeded $1.6 billion during the 2021 bull market. By mid-2022, reports indicated that SpaceX had cut its holdings by about 70% following disturbances from the Terra-Luna collapse, the FTX bankruptcy, and overall market instability.
No public announcements regarding the transactions have been made by SpaceX. Meanwhile, Tesla, another company led by Elon Musk, holds 11,509 BTC, estimated at around $1.24 billion.
SpaceX IPO?
This bitcoin reshuffle is taking place as SpaceX progresses towards a significant initial public offering. Bloomberg reported that the company intends to raise over $30 billion in its IPO, aiming for a valuation close to $1.5 trillion, which could eclipse Saudi Aramco’s record $29 billion fundraising in 2019.
SpaceX’s IPO might occur as early as mid to late 2026, though sources suggest it could be delayed until 2027 depending on market circumstances. If successful, this would represent the largest listing to date by valuation.
The offering is expected to provide investors with exposure not only to rocket and satellite technologies and Starlink internet services but also to SpaceX’s cryptocurrency assets. Musk’s companies were among the pioneering institutional adopters of bitcoin.
SpaceX has utilized dogecoin for its DOGE-1 lunar mission, underscoring Musk’s impact on the cryptocurrency sector.
Prediction market data indicates increasing confidence in SpaceX’s valuation, with Polymarket traders estimating a 67% likelihood that the IPO will surpass a $1 trillion market capitalization.
According to Bloomberg, the IPO could generate funding for Starlink expansion, space-based data centers, and other projects converging with artificial intelligence and cryptocurrency infrastructure.
Analysts believe that the recent on-chain restructuring aligns with the company’s overall treasury strategy. Transitioning funds to modern addresses can lower transaction costs, enhance security, and streamline wallet management.
Most of SpaceX’s remaining bitcoin holdings are expected to be transitioned as this consolidation process concludes.
