Les actifs en Bitcoin de SpaceX d'Elon Musk chutent de plus de 30% avant l'IPO — une nouvelle épreuve

Elon Musk’s SpaceX, preparing for one of the largest IPOs in history, faces new challenges. The value of the Bitcoin holdings the company owns has rapidly declined, raising concerns about the impact of this digital asset—publicly disclosed for the first time in the registration statement—on corporate image and market valuation.

Secret IPO preparations, the day 8,285 Bitcoins are revealed

According to Bloomberg, SpaceX is already preparing a confidential IPO filing with the U.S. Securities and Exchange Commission (SEC), aiming for an official application as early as March and a listing in June. This IPO could value the company at over $1.75 trillion and raise up to $50 billion, surpassing the 2019 Saudi Aramco $29 billion record as the largest fundraising ever.

Alongside these developments, a major asset previously kept private will come to light. Data from blockchain analytics firm Arkham Intelligence shows that SpaceX holds 8,285 Bitcoins via Coinbase Prime custody, distributed across 43 wallet addresses.

As of March 24, 2026, with Bitcoin trading around $70,600, this holding is worth approximately $545 million. However, this figure alone makes it difficult to understand the company’s strategic intent behind the holdings.

Bitcoin value drops by $235 million—over 30% decline in three months since December

Tracking SpaceX’s Bitcoin holdings reveals a dramatic story. In December, when Bitcoin was around $92,500, the company’s holdings were worth about $780 million. By early February, as Bitcoin adjusted to near $78,000, the value shrank to $650 million.

Now, with Bitcoin around $70,600, the holdings are valued at $545 million. In just three months, SpaceX’s Bitcoin assets have lost $235 million in value. Importantly, the company has not sold a single coin. This decline is purely due to market price fluctuations, occurring without any investment decisions by SpaceX.

Bitcoin unrealized losses complicate IPO disclosures

When SpaceX files its S-1 form, the details of its Bitcoin holdings will be disclosed to investors and regulators for the first time. This is not just transparency; it directly affects the company’s financial statements.

Unrealized losses during Bitcoin price declines may be reflected in quarterly earnings reports. Especially immediately after listing, the volatility of Bitcoin could overshadow the underlying business performance, attracting market attention. A key challenge for Elon Musk’s companies is that holding highly volatile assets like cryptocurrencies can generate headline risks unrelated to core operations.

Learning from Tesla—common challenges for Musk’s companies

Tesla provides a recent precedent. The automaker, led by Musk, experienced valuation losses of several hundred million dollars during past Bitcoin price drops without changing its holdings. These losses have led to repeated news stories and market sentiment swings that obscure the company’s fundamental performance.

Interestingly, Tesla’s projected total revenue for 2025 is $94.8 billion, with gross profit of $17 billion. In this context, a few million dollars in unrealized Bitcoin losses represent a small percentage of overall revenue. Yet, market attention and media coverage have historically exaggerated their economic significance.

Likewise, SpaceX is likely to face similar issues. Unlike Tesla, which has frequently bought and sold Bitcoin, SpaceX’s upcoming disclosure will occur during one of the most rapid Bitcoin adjustments in recent years, adding timing constraints.

Long-term holding philosophy—SpaceX’s Bitcoin approach since 2021 peak

Reviewing SpaceX’s Bitcoin history reveals a clear stance. The company’s holdings peaked at around $2 billion in late 2021, then declined sharply during the 2022 market correction. Over the past two years, holdings have fluctuated between $400 million and $800 million.

Crucially, SpaceX has maintained its Bitcoin holdings without actively selling or re-purchasing, unlike Tesla’s buy-sell strategy. Arkham’s data indicates that SpaceX’s approach reflects a “long-term hold and patience” philosophy.

Disclosing during market correction—Elon Musk’s unavoidable challenge

The current market environment is far from ideal for SpaceX’s IPO disclosure timing. Bitcoin has experienced continuous corrections over recent months, trading around $70,600. Analysts suggest that future movements will depend heavily on geopolitical factors (such as Strait of Hormuz shipping stability) and oil prices, with potential tests of $74,000–$76,000 or declines to mid-$60,000s.

In such uncertain conditions, IPO disclosures could pose a greater challenge for SpaceX than for Tesla. The volatility of Bitcoin unrelated to core business value could influence post-listing stock prices. This exemplifies a modern challenge faced by innovative corporate leaders: holding volatile assets like cryptocurrencies can create headline risks disconnected from actual business fundamentals.