Elon Musk's SpaceX Moves Bitcoin Ahead of Potential Record IPO

In brief

SpaceX move around $94 million worth of Bitcoin on Wednesday.
The move is the latest in a string of similarly sized transfers as the firm reportedly prepares for a potentially record-breaking IPO.
Elon Musk's company holds about $765 million worth of Bitcoin.

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Privately held aerospace company SpaceX moved more than $94 million in Bitcoin on Wednesday, according to on-chain data, ahead of reported plans to go public in 2026.

Bitcoin addresses labeled as belonging to SpaceX by blockchain analytics firm Arkham Intelligence transferred around 1,021 BTC in total to two addresses, broken into amounts of 407 BTC and 614 BTC.

“SpaceX just transferred $94 million of BTC. They have been moving around $100 million of BTC every week for around the past two months now,” Arkham posted on X.

The move is the latest in a string of transfers from Elon Musk’s firm this year as it reportedly prepares for a potential record-breaking IPO. The public listing process could see the company raise more than $30 billion at a $1.5 trillion valuation, according to a report from Bloomberg.

At this time, it is not immediately clear if the recent transfers, or any from previously this year, have anything to do with a potential IPO. A representative for the firm did not immediately respond to a request for comment from Decrypt.

While regular transfers started to occur earlier this year, prior to those transactions, SpaceX hadn’t touched its Bitcoin holdings in three years. Most recently, it transferred around $100 million in BTC last week.

The Starbase, Texas-based firm once held as much as 25,000 BTC in 2022, but its holdings have shrunk over the years.

As of Wednesday, the firm holds 8,285 BTC valued around $770 million, according to data from BitcoinTreasuries.net—good enough to make it the fourth-largest private company holding the asset. That mark would make it the 14th largest holder if it maintains its position when it becomes a public company.

Bitcoin has rebounded from a slide which sent it to nearly $81,000 in November. The top crypto asset by market cap recently changed hands around $92,287. However, it still remains nearly 27% off its October all-time high above $126,000.