When people talk about the SpaceX initial public offering, the listing that could shatter every IPO record in history, the conversation tends to revolve around Starlink, Starship, and the orbital ambitions of Elon Musk.
What gets far less attention is the potential ripple effect on the crypto market. And that ripple could be substantial.
SpaceX confidentially filed its IPO paperwork with the Securities and Exchange Commission in early April, with reports from Bloomberg and Reuters independently corroborating the filing.
The company is seeking a valuation between $1.75 trillion and $2 trillion, and if successful, would raise around $75 billion, dwarfing Saudi Aramco’s $25.6 billion offering, the current record holder. The roadshow is expected in early June, putting the listing on track for sometime over the summer.
That’s the backdrop. Now here’s the crypto angle.
Bitcoin’s moment in the spotlight
SpaceX is currently holding 8,285 Bitcoin, worth about $603 million, in custody through Coinbase Prime, making it the fourth-largest known corporate holder of the asset, behind only Strategy, Marathon Digital, and Riot Platforms.
The company has kept that position unchanged since mid-2024, which is notable on its own. It maintained the holding even while reporting a $5 billion loss for 2025, a sharp reversal from the roughly $8 billion profit the year prior, when revenue was lower and xAI integration costs hadn’t yet hit the books.
Holding $600 million in a volatile asset while posting a multi-billion dollar loss seems like a deliberate statement about how Musk and SpaceX view Bitcoin as a long-term reserve.
The significance of the IPO for Bitcoin specifically lies in what happens when those holdings show up in public filings for the first time. New FASB accounting standards that came into effect in late 2025 require companies to value cryptocurrency holdings at current market prices, meaning Bitcoin’s price movements will directly affect SpaceX’s reported financial performance.
That kind of transparency cuts both ways in the sense that it creates volatility on paper, but it also forces every analyst covering SpaceX to understand and write about Bitcoin as a balance sheet item.
That’s the real unlock here. Right now, SpaceX’s Bitcoin holdings are largely invisible to the mainstream investing public. Once SpaceX goes public at a $1.75 trillion valuation and suddenly sits alongside Apple, Nvidia and Microsoft in market cap discussions, its treasury choices become front-page news.
If one of the world’s largest companies carries Bitcoin on its balance sheet and refuses to sell it through a $5 billion loss year, that’s a compelling signal to other CFOs across the tech sector.
Strategy, formerly known as MicroStrategy, pioneered the corporate Bitcoin treasury model and now holds over 760,000 BTC, but it has always operated as a Bitcoin-native company. SpaceX would be something different: a mainstream aerospace and tech giant, with government contracts and a NASA partnership, saying Bitcoin belongs in corporate treasuries.
When SpaceX is eventually added to major index funds, which seems likely given its scale, millions of ETF investors will gain indirect Bitcoin exposure through their existing holdings, without ever choosing to. That’s a structural demand shift already.
Tesla is worth mentioning here too. Tesla currently holds 11,509 Bitcoin on its balance sheet, worth roughly $1 billion. Two Musk-linked companies among the world’s largest public firms, both carrying Bitcoin, that’s a pattern that will be hard for other corporate treasurers to ignore.
Dogecoin’s wildcard
Bitcoin isn’t the only crypto with a plausible SpaceX storyline. Dogecoin has a longer, stranger, and arguably more entertaining history with Musk and his rocket company.
In 2021, SpaceX accepted Dogecoin as payment to launch the DOGE-1 satellite, a 40-kilogram CubeSat funded entirely in DOGE, which a SpaceX VP described as setting “the foundation for interplanetary commerce.” The mission has faced years of delays, but as of early 2026, it was tentatively scheduled for September of this year aboard a SpaceX Falcon 9.
Musk reignited speculation about Dogecoin in February, responding to posts about his earlier pledge to put DOGE “on the literal moon” with “maybe next year,” drawing hundreds of thousands of views and briefly pulling the meme coin back into conversation.
That said, the same piece noted that Dogecoin didn’t actually move on the comment, trading just below $0.11 and down around 60 percent year over year. The Musk effect on DOGE has weakened considerably since 2021.
Still, the IPO could revive the narrative. Any mention of Dogecoin in the context of SpaceX’s public debut, merchandise, mission payments, or even a DOGE-1 launch that coincides with the IPO window, could generate outsized social media momentum.
Meme coins live and die by attention, and a SpaceX listing would be one of the biggest attention events of the year. That doesn’t make DOGE an investment thesis, but it does make it a token worth watching for short-term volatility.