₿$64,512.33▲ 1.54%
Space Exploration Technologies Corp.
SpaceX designs, manufactures, and launches the Falcon, Dragon, and Starship vehicles, operates the Starlink satellite broadband constellation, and — following its February 2026 acquisition of xAI (including X) — runs the Grok AI platform and gigawatt-scale AI data centers. The company holds 18,712 BTC (cost basis $661M) as a passive treasury reserve, unchanged since at least year-end 2024. It listed on Nasdaq on June 12, 2026 in the largest IPO in history ($75.0B gross at $135.00 per share).
BTC Holdings
18,712 BTC
180d
Stock PriceUpdated 1d ago
$160.95▲ 19.22%
180d
Total financing
29.13B USD
180d
mNAV
1743.41x▲ 17.41%
180d
Amplification
1100.1%
180d
BTC Risk
68.75%0.1x
Sats/Share
143
180d
Mkt cap
2.10T USD
Shares
13.08B
Fiat reserve
15.85B USD
Total reserve
17.06B USD
Leverage
1100.1%
Dilution
0.0%
Coverage
1129.5 yr
BTC mix
0%
Instruments
| Instrument | Term | Coupon | Principal | Outstanding | BTC Rating |
|---|---|---|---|---|---|
| SPCX-Sep27 | Mar '26 – Sep '27 | — | 20.00B USD | 20.00B USD | 0.1x |
| SPCX-Dec27 | … – Dec '27 | 3.875% | 700.00M USD | 25.00M USD | 0.1x |
| SPCX-Mar30 | … – Mar '30 | 5% | 1.00B USD | 2.00M USD | 0.1x |
| SPCX-EQP | — | — | 9.11B USD | 9.11B USD | >10x |
| Total | 29.13B USD | ||||
Capital Raised → BTC Holdings
Capital Raised → BTC Holdings
CommonOther DebtBTC Holdings↓ outflows
| Date | Type | Security | Raised | Source |
|---|---|---|---|---|
| 2026-06-12 | Public Offering | Common | $75B | Form 424B4 (IPO prospectu… |
| 2026-03-31 | Facility Draw | Other Debt | $4.5B | Form 424B4 (IPO prospectu… |
| 2026-03-02 | Debt Facility | SPCX-Sep27 | $20B | Form 424B4 (IPO prospectu… |
| 2026-03-02 | Repayment | Other Debt | −$6.5B | Form 424B4 (IPO prospectu… |
| 2026-03-02 | Repayment | Other Debt | −$6B | Form 424B4 (IPO prospectu… |
| 2026-03-02 | Repayment | Other Debt | −$995M | Form 424B4 (IPO prospectu… |
| 2026-03-02 | Repayment | Other Debt | −$995M | Form 424B4 (IPO prospectu… |
| 2026-03-02 | Repayment | Other Debt | −$3B | Form 424B4 (IPO prospectu… |
| 2025-12-31 | Repayment | Other Debt | −$67M | Form 424B4 (IPO prospectu… |
| 2025-12-31 | Repayment | Other Debt | −$5M | Form 424B4 (IPO prospectu… |
| 2025-12-31 | Repayment | Other Debt | −$5M | Form 424B4 (IPO prospectu… |
| 2025-12-31 | Facility Draw | Other Debt | $4.5B | Form 424B4 (IPO prospectu… |
| 2025-04-30 | Facility Draw | Other Debt | $1.2B | Form 424B4 (IPO prospectu… |
| 2025-04-30 | Repayment | Other Debt | −$1.2B | Form 424B4 (IPO prospectu… |
| 2025-02-28 | Repayment | Other Debt | −$3B | Form 424B4 (IPO prospectu… |
| 2025-02-28 | Repayment | Other Debt | −$1.8B | Form 424B4 (IPO prospectu… |
| 2025-02-07 | Debt Facility | SPCX-RCF31 | $5B | Form 424B4 (IPO prospectu… |
| 2024-12-31 | Repayment | Other Debt | −$134M | Form 424B4 (IPO prospectu… |
| 2022-11-30 | Repurchase | Other Debt | −$675M | Form 424B4 (IPO prospectu… |
| 2022-11-30 | Repurchase | Other Debt | −$998M | Form 424B4 (IPO prospectu… |
- Public Offering2026-06-12Common555.6M × $135$75BForm 424B4 (IPO prospectu…
- Facility Draw2026-03-31Other Debt$4.5BForm 424B4 (IPO prospectu…
- Debt Facility2026-03-02SPCX-Sep27$20BForm 424B4 (IPO prospectu…
- Repayment2026-03-02Other Debt−$6.5BForm 424B4 (IPO prospectu…
- Repayment2026-03-02Other Debt−$6BForm 424B4 (IPO prospectu…
- Repayment2026-03-02Other Debt−$995MForm 424B4 (IPO prospectu…
- Repayment2026-03-02Other Debt−$995MForm 424B4 (IPO prospectu…
- Repayment2026-03-02Other Debt−$3BForm 424B4 (IPO prospectu…
- Repayment2025-12-31Other Debt−$67MForm 424B4 (IPO prospectu…
- Repayment2025-12-31Other Debt−$5MForm 424B4 (IPO prospectu…
- Repayment2025-12-31Other Debt−$5MForm 424B4 (IPO prospectu…
- Facility Draw2025-12-31Other Debt$4.5BForm 424B4 (IPO prospectu…
- Facility Draw2025-04-30Other Debt$1.2BForm 424B4 (IPO prospectu…
- Repayment2025-04-30Other Debt−$1.2BForm 424B4 (IPO prospectu…
- Repayment2025-02-28Other Debt−$3BForm 424B4 (IPO prospectu…
- Repayment2025-02-28Other Debt−$1.8BForm 424B4 (IPO prospectu…
- Debt Facility2025-02-07SPCX-RCF31$5BForm 424B4 (IPO prospectu…
- Repayment2024-12-31Other Debt−$134MForm 424B4 (IPO prospectu…
- Repurchase2022-11-30Other Debt−$675MForm 424B4 (IPO prospectu…
- Repurchase2022-11-30Other Debt−$998MForm 424B4 (IPO prospectu…
Financing Costs
Debt Service Schedule
SPCX-Sep27SPCX-Dec27SPCX-Mar30SPCX-EQPBTC NAV $1.2Blighter = principal due
| Instrument | Type | Outstanding | Rate | ITM | Annual Cost | Until |
|---|---|---|---|---|---|---|
| SPCX-Dec27 | Other Debt | $25M | 3.88% | — | $968.8K | Dec 2027 |
| SPCX-Mar30 | Other Debt | $2M | 5% | — | $100K | Mar 2030 |
| SPCX-Sep27 | Other Debt | $20B | 0% | — | — | Sep 2027 |
| SPCX-EQP | Other Debt | $9.1B | 0% | — | — | Perpetual |
| Total annual cost | $1.1M | |||||
- 3.88%$25MDec 2027$968.8K
- 5%$2MMar 2030$100K
- 0%$20BSep 2027—
- 0%$9.1BPerpetual—
- Total annual cost$1.1M
BTC Coverage
Capital Stack
0.1x · >9,999 bpsConvertiblePreferredOtherBTC NAV: $1.2B
Analytics
Analytics
FinancialsUnverified
US-GAAPQuarterlyAs of 2026-03-31
Balance Sheet
Total Assets$102.1B
Total Liabilities$60.5B
Stockholders' Equity$34.5B
Cash & Equivalents$15.9B
Total Debt$29.1B
Digital Assets$1.3B
Income Statement
Revenue$4.7B▲15.4%
Operating Income$-1.9B▼7296.3%
Net Income$-4.3B▼709.8%
Interest Expense$664M▲48.5%
Cash Flow
Operating Cash Flow$1B▲44.0%