SpaceX Bitcoin stake sheds $539 million in value as $BTC slides 33%
HAWTHORNE, Calif., Aug. 5. SpaceX's 18,712 Bitcoin were worth $1.098 billion as of June 30, the company's second-quarter filing shows, a drop of $539 million from $1.637 billion at year-end 2025. Elon Musk's rocket and satellite firm sold no coins during the period. The entire decline reflects Bitcoin's roughly 33% price fall over the first half of the year.
Key takeaways
- SpaceX's 18,712 Bitcoin were worth $1.098 billion as of June 30, down $539 million from $1.637 billion at year-end 2025.
- The entire $539 million decline is a paper loss reflecting Bitcoin's roughly 33% price fall in the first half of the year, as SpaceX sold no coins.
- SpaceX acquired its Bitcoin at a total cost of about $661 million, leaving an unrealized gain of roughly $437 million despite the markdown.
- Second-quarter revenue reached $7.81 billion, up 92% year over year and above the $6.93 billion analyst forecast, while net loss narrowed to $541 million.
- SpaceX shares fell as much as 7.5% in after-hours trading on Tuesday ahead of an August 6 lockup expiration expected to free more than $100 billion in shares.
HAWTHORNE, Calif., Aug. 5. SpaceX's 18,712 Bitcoin were worth $1.098 billion as of June 30, the company's second-quarter filing shows, a drop of $539 million from $1.637 billion at year-end 2025. Elon Musk's rocket and satellite firm sold no coins during the period. The entire decline reflects Bitcoin's roughly 33% price fall over the first half of the year.
The Bitcoin position
On-chain data and the filing numbers together confirm the full 18,712-coin stash remains intact. SpaceX acquired the position at a total cost of approximately $661 million, the disclosure shows, leaving an unrealized gain of about $437 million even after the six-month markdown.
The company treats the holding as a long-term reserve asset, the filing states. The $539 million is a paper loss tied to price movement. The coin count has not changed.
Second-quarter financials
Revenue for the quarter reached $7.81 billion, up 92% from a year earlier and above the $6.93 billion analysts had forecast, the company reported. Net loss narrowed to $541 million from $1 billion in the year-ago period. Adjusted EBITDA nearly tripled to $3.5 billion.
All three operating segments contributed: launch services, Starlink connectivity, and the artificial intelligence business. Capital expenditure totaled $18.4 billion, well above the $13 billion analyst estimate. The heavy spending reflects investment in AI computing infrastructure for xAI, the artificial-intelligence firm SpaceX merged with in February. xAI posted revenue of $2.56 billion, up 247% year over year.
SpaceX ended the quarter with $100 billion in cash, cash equivalents, and marketable securities and $47.5 billion in backlog.
After-hours slide and lockup overhang
The revenue beat did not hold after the close. SpaceX shares fell as much as 7.5% in after-hours trading on Tuesday, giving back part of a 9.43% gain during the regular session that carried the stock to $125.33.
The results arrive less than two months after SpaceX's $85.7 billion initial public offering, reported as the largest in history. A lockup expiration on August 6 is expected to free more than $100 billion in shares for public trading, analysts say, an overhang that could pressure the stock further.