SpaceX Moves $94M Bitcoin As $30B IPO Plans Emerge

Elon Musk’s aerospace company SpaceX has transferred $94 million worth of Bitcoin as it prepares for a potential $30 billion initial public offering (IPO) at a valuation of $1.5 trillion.

The transfer was flagged by on-chain analytics firm Lookonchain that cited blockchain data from Arkham Intelligence. It said in a post on X that SpaceX moved 1,021 BTC worth roughly $94.48 million at the time of the transfer. 

SpaceX(@SpaceX) just transferred out another 1,021 $BTC($94.48M), to possibly Coinbase Prime for custody.https://t.co/zW62EKM2RD pic.twitter.com/PwBIvD5RaR

— Lookonchain (@lookonchain) December 10, 2025

Lookonchain speculated that the Bitcoin was transferred to a wallet address linked to Coinbase Prime for custody. If this is the case, it rules out that a sale is planned in the near future. 

The recent transfer is not the first time SpaceX has moved its Bitcoin. Since July 24, the company has performed several transfers to different custodians as routine transfers. None of these were followed by sales. 

While the latest transfer is being seen by many as another routine movement, there are still some that anticipate a potential sale. 

And SpaceX has sold BTC before. In the middle of 2022, the company dumped around 70% of its holdings, possibly due to a market-wide crash that was triggered by the Terra-Luna meltdown and the collapse of FTX. 

Even after that sale, data from Arkham Intelligence shows that SpaceX holds over 8.2K BTC in its wallet. At BTC’s current price of around $90,245, the company’s holdings in the crypto are valued at more than $722.181 million. 

SpaceX BTC holdings (Source: Arkham Intelligence)

Meanwhile, data from Bitcoin Treasuries shows that SpaceX is the fourth-largest private company to hold BTC on its balance sheet below Stone Bridge Holdings with 10K BTC, Tether Holdings Limited with 87.475K BTC, and Block.one with 164K BTC. 

SpaceX Plans $30B IPO: Bloomberg

The timing of the transfer has piqued market observers’ interest because it coincides with a Dec. 10 report from Bloomberg that the aerospace giant is moving ahead with plans for an IPO.

The report said it plans to raise $30 billion at a $1.5 trillion valuation, which would make it one of the biggest public raises in history. 

Musk is already the wealthiest person in the world with a net worth of $494.6 billion, according to Forbes. He has co-founded seven companies, including car maker Tesla and the artificial intelligence startup xAI. 

If the IPO takes place at the $1.5 trillion valuation, his reported 42% stake in SpaceX alone would be valued at $630 billion. 

Musk has hinted at the IPO in the past 24 hours. On X, the social media platform that he owns, he shared a post by Bloomberg journalist Eric Berger that included the caption, “Here’s why I think SpaceX is going public soon” and a link to an article that he wrote. 

As usual, Eric is accurate

— Elon Musk (@elonmusk) December 10, 2025

While quoting the post, Musk wrote, “As usual, Eric is accurate.” 

If SpaceX does indeed go public, it will be ranked as the 14th-largest publicly-listed BTC holder, placing it above Strive with its holdings of over 7.5K Bitcoins and below Block Inc. with its holdings of more than 8.7K BTC. 

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