SpaceX burned through $5 billion in 2025 while simultaneously convincing investors it was worth more than $2 trillion. The company priced its IPO at $135 per share, raising $75 billion and claiming the title of the largest initial public offering ever.

For context, Amazon posted $80 billion in operating income that same year. SpaceX posted a net loss of roughly $5 billion. When shares hit the Nasdaq on June 12, 2026, they popped 19% on their first day of trading, closing at $160.95 and briefly making SpaceX the sixth-largest company in the US by market capitalization.

The numbers behind the narrative

SpaceX reported approximately $18.7 billion in revenue for 2025. The bulk of that loss traces back to merger expenses tied to the integration of xAI, Musk’s artificial intelligence venture, which cratered its bottom line even as the core business continued to grow.

Starlink generated $11.4 billion in revenue and $4.4 billion in operating income in 2025, making it the sole profitable segment of the entire enterprise. The satellite internet business effectively subsidized everything else, from Starship development to whatever xAI brought to the table.

The S-1 filing also contained a detail that caught the crypto world’s attention. SpaceX disclosed holdings of 18,712 BTC, accumulated at an average cost of roughly $35,000 per coin. That puts the total cost basis at approximately $661 million, with a fair market value estimated between $1.29 billion and $1.45 billion depending on Bitcoin’s price at any given moment.

A Bitcoin stash hiding in the S-1

Holding nearly 19,000 BTC makes SpaceX one of the larger corporate Bitcoin holders in the world, sitting alongside the likes of MicroStrategy, Tesla, and a handful of other companies that have embraced digital assets on their balance sheets.

At an average acquisition price near $35,000, SpaceX’s Bitcoin position represents an unrealized gain of several hundred million dollars at current market prices.

What this means for investors

Starlink’s $11.4 billion revenue run rate and $4.4 billion in operating income from that segment alone suggests the unit economics work. The question is whether everything else, rocket launches, Starship development, xAI integration costs, eventually reaches a similar inflection point or continues consuming capital.

For crypto-focused investors, the SpaceX IPO sets a notable precedent. A company valued at over $2 trillion now carries Bitcoin as a disclosed balance sheet asset, visible in public SEC filings and subject to quarterly reporting. SpaceX’s valuation assumes growth rates that leave very little room for setbacks. A slowdown in Starlink subscriber additions, regulatory challenges in key markets, or a significant Bitcoin price decline could each independently pressure the stock. The $5 billion loss is real, the $2 trillion valuation is a bet, and the 18,712 BTC on the balance sheet adds volatility to a story that already had plenty.