Elon Musk’s space company SpaceX has transferred $94 million worth of Bitcoin as it prepares for a potential $30 billion initial public offering (IPO) at a $1.5 trillion valuation.
The transfer was flagged by on-chain analytics firm Lookonchain, which cited blockchain data from Arkham Intelligence. A post on
SpaceX(@SpaceX) just transferred another 1,021 $BTC($94.48 million), to possibly Coinbase Prime for safekeeping.https://t.co/zW62EKM2RD pic.twitter.com/PwBIvD5RaR
— Lookonchain (@lookonchain) December 10, 2025
Lookonchain speculated that the Bitcoin was transferred to a wallet address linked to Coinbase Prime for safekeeping. If this is the case, it rules out a sale planned in the near future.
The recent transfer is not the first time SpaceX has moved its Bitcoin. Since July 24, the company has made several transfers to different custodians as routine transfers. None of these were followed by sales.
Although the latest transfer is seen by many as a routine move, there are still those anticipating a possible sale.
And SpaceX has sold BTC before. In mid-2022, the company dumped about 70% of its shares, possibly due to a market-wide crash caused by the Terra-Luna meltdown and the collapse of FTX.
Even after that sale, data from Arkham Intelligence shows that SpaceX has more than 8.2K BTC in its wallet. At BTC’s current price of around $90,245, the company’s shares in the crypto are valued at over $722.181 million.
SpaceX BTC holdings (Source: Arkham Intelligence)
In the meantime, facts from Bitcoin Treasuries shows that SpaceX is the fourth largest private company to have BTC on its balance sheet, below Stone Bridge Holdings with 10,000 BTC, Tether Holdings Limited with 87,475,000 BTC, and Block.one with 164,000 BTC.
SpaceX plans $30 billion IPO: Bloomberg
The timing of the transfer has piqued the interest of market observers as it coincides with a December 10 date report from Bloomberg that the aerospace giant is moving forward with plans for an IPO.
The report states that it plans to raise $30 billion at a valuation of $1.5 trillion, which would make it one of the largest public capital raises in history.
Musk is already the richest person in the world with a net worth of $494.6 billion. according to to Forbes. He is the co-founder of seven companies, including car manufacturer Tesla and artificial intelligence startup xAI.
If the IPO occurs at a valuation of $1.5 trillion, its reported 42% stake in SpaceX alone would be valued at $630 billion.
Musk has been hinting at the IPO in the past 24 hours. On
As usual, Eric is accurate
— Elon Musk (@elonmusk) December 10, 2025
Quoting the message, Musk wrote: “As usual, Eric is right.”
If SpaceX does indeed go public, it will rank as the 14th largest publicly traded BTC holder, placing it above Strive with its holdings of over 7.5K Bitcoins and below Block Inc. with his holdings of over 8.7K BTC.
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