SpaceX Moves Over $94M in Bitcoin Amid IPO Plans

SpaceX, an American aerospace company led by billionaire Elon Musk, has once again moved a large amount of Bitcoin, sparking talks across the crypto community.

On December 10, the company moved 1,021 BTC, worth $94.5 million, from one of its wallets. This transaction is part of a series of moves that suggest the company is reorganizing its digital assets.

SpaceX Moves Nearly $1B in Bitcoin in Latest Wallet Shuffle

Lookonchain analysts, citing data from Arkham, reported that Wednesday’s transfer was SpaceX’s second Bitcoin

move this month and the ninth so far this year. In total, SpaceX has shifted about 8,910 BTC, equivalent to $924 million.

This massive transfer was made through the institutional custody platform Coinbase Prime. The transferred Bitcoin was split between two previously unlabeled addresses, with 614 BTC sent to one and 407 BTC to another. 

Experts suggest these movements are likely part of a planned reorganization of the company’s wallets. Furthermore, analysts noted that some of SpaceX’s Bitcoin appears to be moving from older address formats to newer ones. 

It was pointed out that other movements seem to consolidate holdings within the newer address types, which could improve efficiency and security. Amidst all these speculations, SpaceX has not publicly stated the purpose of the transfer. 

SpaceX’s Bitcoin Holdings Shrink Amid Market Turmoil

Musk confirmed in July 2021 that both Tesla and SpaceX owned Bitcoin. In 2022, SpaceX reportedly reduced its holdings by roughly 70%. This decision was influenced by major market disruptions, including the Terra-Luna collapse in May and the FTX bankruptcy in November.

In August, Arkham tracked SpaceX’s Bitcoin holdings and found that the company had 8,285 BTC, valued at about $1.02 billion. This milestone comes as the top coin reached a fresh all-time high at the time.  

Now, Arkham is tracking 3,991 BTC, though this may not include recent transfers still under the company’s control. Tesla also sold a significant portion of its Bitcoin in 2022 and currently holds 11,509 BTC, valued at $1.24 billion.

SpaceX Plans $30B IPO with $1.5 Trillion Valuation Target

The Bitcoin movements come as SpaceX advances plans for a potential initial public offering (IPO). Bloomberg recently reported the IPO could raise more than $30 billion. Notably, the company is reportedly aiming for a valuation of about $1.5 trillion. 

This would put the U.S.-based company close to the record $29 billion IPO of Saudi Aramco in 2019. SpaceX’s management and advisors are targeting a mid-to-late 2026 IPO, though the date may change depending on market conditions. Some sources suggest the offering could be delayed until 2027.

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