SpaceX Crypto Holdings Drop $539M Despite Earnings Beat

SpaceX Crypto Holdings Drop $539M Despite Blowout Earnings, Raising Questions Over Bitcoin Strategy

Published 05 August 2026

Authors

By Giuseppe Ciccomascolo

Edited by Ryan James

SpaceX’s crypto holdings fell by $539 million despite revenue beating forecasts, raising questions about its long-term Bitcoin treasury strategy. | Credit: CCN.com

SpaceX reported a $539 million decline in the value of its cryptocurrency holdings during the second quarter of 2026, even as its first quarterly earnings report as a public company comfortably beat Wall Street expectations.

Elon Musk’s aerospace, connectivity, and artificial intelligence group valued its digital assets at $1.098 billion as of June 30, down 33% from $1.637 billion at the end of December.

However, available data indicate the decline was driven by Bitcoin’s market performance and accounting adjustments rather than a large sale.

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Bitcoin Holdings Appear Unchanged Despite Valuation Drop

SpaceX does not provide a detailed breakdown of its cryptocurrency reserves in its quarterly balance sheet.

Estimates from Grayscale and other industry sources place the company’s holdings at roughly 18,700 Bitcoin, making it one of the world’s largest corporate holders of the asset.

Based on an estimated 18,712 BTC, the reported June valuation implies a carrying value of approximately $58,700 per coin. Bitcoin traded near $64,073 on Tuesday, suggesting the balance-sheet figure may not reflect the cryptocurrency’s latest spot-market value.

https://twitter.com/SpaceX/status/2084737174709403899/photo/1

Reports citing SpaceX’s earnings disclosure said the company did not sell Bitcoin during the quarter. That would mean the $539 million reduction represents a valuation change rather than a decrease in the number of coins held.

Speculation about a possible sale emerged in July after a SpaceX-linked wallet moved approximately $88 worth of Bitcoin following months of inactivity. On-chain observers largely interpreted the transaction as a technical test rather than evidence of liquidation.

Starlink and AI Power Revenue Beat

SpaceX generated $7.8 billion in quarterly revenue, surpassing analysts’ forecast of approximately $6.81 billion and increasing 92% year over year.

Starlink remained the company’s principal growth engine. The connectivity business delivered $4.291 billion in revenue, up 66% from a year earlier, while operating profit rose 79% to $1.656 billion. Starlink’s subscriber base reached 12 million, with average monthly revenue per user holding at $66.

Largest entities by Bitcoin holdings. | Credit: CoinGecko

The AI division generated $2.561 billion in revenue, representing annual growth of 247%.

Its operating loss narrowed to $1.257 billion, significantly better than the $2.39 billion loss analysts expected. Companywide adjusted EBITDA reached $3.538 billion, compared with projections near $2 billion.

Space operations recorded $962 million in revenue, although the segment’s operating loss widened to $542 million amid continued Starship development spending.

Spending Raises Questions About Treasury Strategy

Despite the earnings beat, SpaceX’s capital requirements remain substantial. Second-quarter capital expenditure totaled $18.369 billion, including $15.828 billion directed toward AI infrastructure.

That spending helped lift contracted computing capacity from one gigawatt to 1.4 gigawatts.

The company nevertheless ended June with approximately $100 billion in cash and marketable securities, limiting the likelihood that it would need to sell Bitcoin to cover near-term obligations.

SpaceX holds over $1 billion in bitcoin:native and you still doubt crypto?

Its inevitable https://t.co/yTN7LPn5zp

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SpaceX’s approach contrasts with leveraged corporate Bitcoin strategies that depend on debt, preferred stock, or repeated equity issuance.

Its holdings appear to be backed by operating resources and equity capital, reducing the risk of forced liquidation.

Still, the sharp decline in reported crypto value highlights the volatility Bitcoin introduces to corporate balance sheets.

With SpaceX offering no forward guidance, investors will be watching whether Bitcoin remains a long-term strategic reserve. Or eventually becomes a funding source for the company’s capital-intensive AI and space ambitions.

SpaceX Crypto Holdings Drop $539M Despite Blowout Earnings, Raising Questions Over Bitcoin Strategy

Bitcoin Holdings Appear Unchanged Despite Valuation Drop

Starlink and AI Power Revenue Beat

Spending Raises Questions About Treasury Strategy

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