IPO quy mô lớn nhất lịch sử của SpaceX và 'nguy cơ giá trị đánh giá' của tài sản Bitcoin

Elon Musk’s space company SpaceX is reportedly preparing to file for an IPO with the U.S. Securities and Exchange Commission (SEC) as early as March. The public offering, aimed for June, is expected to raise up to $50 billion, far surpassing Saudi Aramco’s record of $29 billion in 2019. However, investor interest extends beyond mere fundraising figures. The focus is on the approximately 8,285 Bitcoin held by SpaceX and the related book losses.

‘Hidden’ Bitcoin Portfolio Revealed in IPO Filing

SpaceX currently holds about $548 million worth of Bitcoin through Coinbase Prime platform. These are distributed across 43 management wallets, as confirmed by Arcane Intelligence tracking data.

As a public company, SpaceX will be required to disclose its Bitcoin holdings via Form S-1 and quarterly earnings reports. This marks the end of the ‘silence privilege’ it enjoyed as a private company. What complicates matters further is the current market cycle. The fact that the IPO is being filed during a cryptocurrency price correction could directly impact SpaceX’s financial reports.

$230 Million Loss in Three Months

Tracking SpaceX’s Bitcoin holdings reveals clear risk signals. When Bitcoin was around $92,500 in December, the portfolio was valued at approximately $780 million. Two months later, in early February, with Bitcoin at about $78,000, the valuation dropped to around $650 million.

Now, with Bitcoin prices falling to approximately $67,330, the same portfolio is worth about $544 million. Despite not selling any coins, the company has incurred a loss of about $235 million in just three months. This ‘valuation loss’ will be reflected in the quarterly results immediately after the IPO and will be repeatedly exposed as Bitcoin prices fluctuate in the future.

Tesla’s ‘Cryptocurrency Headline Risk’

This scenario has precedent. Tesla, Musk’s automotive company, previously held Bitcoin and was exposed to cryptocurrency market volatility. Even without adjusting their position, Tesla recorded valuation losses of hundreds of millions during market corrections, leading to repeated media attention and headline risks, regardless of actual business performance.

SpaceX is likely to face a similar situation soon. The key difference is the timing of the IPO. Unlike Tesla, which went public after stabilizing, SpaceX will be listing during a period of strong Bitcoin correction. This could highlight Bitcoin losses more prominently to initial investors.

Fortunately, there is some buffer in scale. Tesla is projected to generate total revenue of $94.8 billion and a profit of $17 billion in 2025, so cryptocurrency valuation losses are unlikely to significantly impact overall performance. A similar logic could apply to SpaceX.

Consistent Holding Strategy and Investor Communication Challenges

One notable point is SpaceX’s philosophy regarding Bitcoin holdings. While Tesla sold and then repurchased Bitcoin in the past, SpaceX has maintained a consistent ‘hold’ strategy since peaking at around $2 billion in late 2021 and undergoing significant correction in 2022. Arcane Intelligence data shows that SpaceX has held through all market cycles without selling.

The challenge is to justify this consistent holding strategy to public market investors. After the IPO, in quarterly earnings disclosures, SpaceX will need to explain why it continues to hold Bitcoin and how it plans to respond to future cryptocurrency volatility. This will be more than just disclosure; it will require strategic communication.