SpaceX is sitting on 8,285 BTC worth $603 million in Coinbase Prime custody while reporting a loss of nearly $5 billion for 2025, according to Arkham Intelligence data and a report from The Information published late Friday.

The loss marks a sharp reversal from a year earlier when SpaceX generated roughly $8 billion in profit on revenues estimated between $15 billion and $16 billion.

Revenue grew to $18.5 billion in 2025, but the integration of xAI, Elon Musk's artificial intelligence venture acquired in February, drove costs past the top line.

There are no changes to the company's bitcoin position despite these losses. Transfer history analyzed by CoinDesk shows the last significant movement was an internal rebalance roughly four months ago, with 614 BTC and 1,021 BTC moving between SpaceX's own wallets.

The balance history chart shows holdings have remained stable since mid-2024 after peaking above $1.6 billion in value during the October 2025 all-time high.

For a company that just posted a $5 billion loss and is actively pursuing an IPO, holding $603 million in a volatile asset rather than liquidating it to improve the balance sheet is a statement about how Musk (or the broad) view bitcoin as a treasury asset.

SpaceX's position is now the fourth-largest known corporate bitcoin holding behind Strategy, Marathon Digital, and Riot Platforms.

CoinDesk reported last month that SpaceX had filed for an IPO that would disclose the bitcoin position in public filings for the first time, potentially forcing a fair-value accounting decision under the new FASB rules that took effect in late 2025.