What happens to SpaceX’s $650 million bitcoin after mega deal with Elon Musk’s xAI

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Elon Musk’s decision to merge SpaceX with artificial intelligence firm xAI has effectively created a trillion-dollar technology heavyweight — and quietly pulled one of the world’s larger corporate bitcoin positions back into focus as the company edges closer to a public listing.

While the deal was framed around building “space-based AI,” the combined entity effectively inherits SpaceX’s long-standing bitcoin holdings, estimated at about 8,300 BTC based on past disclosures.

At current prices, that stake is worth roughly $650 million — small relative to a potential IPO valuation north of $1 trillion, but large enough to matter for accounting, disclosure, and investor optics.

SpaceX first disclosed its bitcoin purchase in 2021 and, unlike Musk’s energy company Tesla, has remained private, shielding the position from the quarter-to-quarter earnings volatility that public companies face under fair-value accounting rules. That changes once IPO preparation begins.

Tesla’s handling of its BTC remains a cautionary reference, as the automaker has booked hundreds of millions of dollars in paper losses during past drawdowns, even when it made no changes to its holdings.

The SpaceX–xAI merger concentrates that exposure within a single corporate structure at a time when bitcoin has returned to extreme volatility following recent liquidation-driven selloffs.

Unlike Tesla, which has previously sold and repurchased bitcoin, SpaceX has shown little inclination to trade its position. That stability could appeal to long-term investors, but it also limits flexibility should market conditions deteriorate during the IPO window.

The deal also raises questions about how crypto assets are managed across Musk’s broader empire. Tesla, SpaceX, and xAI have operated under different disclosure regimes, accounting treatments, and capital structures, given their differing statuses as public and private companies.

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