Bitcoin5 days ago

SpaceX’s 18,712 BTC Stash Sheds $540M in Value as Q2 Revenue Hits $7.8B

SpaceX kept its bitcoin untouched at 18,712 BTC, but a 33% price slide cut the stash's value to $1.10B despite a revenue beat.

Marcus Hale

Markets Editor. Marcus covers macro, ETFs and the

2 min read

SpaceX’s 18,712 BTC Stash Sheds $540M in Value as Q2 Revenue Hits $7.8B

SpaceX still holds every one of its 18,712 bitcoin, but the position’s value dropped by roughly $540 million in the second quarter as BTC’s price slid 33% over the period. The company’s debut quarterly report as a public entity showed the digital asset stash worth $1.10 billion at June 30, down from $1.64 billion at the end of 2025, even as revenue jumped to $7.8 billion and beat Wall Street forecasts near $6.9 billion.

Revenue beat, bitcoin bleeds

Elon Musk’s space company reported a net loss of $541 million for the quarter, a sharp improvement from the $1.0 billion loss it posted a year earlier. Adjusted EBITDA nearly tripled to $3.5 billion, driven by growth across launch, Starlink and AI operations.

SpaceX’s SEC filing confirmed the company’s bitcoin holdings remained unchanged in quantity at 18,712 BTC, meaning the entire decline in dollar value came from price movement rather than any selling. With BTC trading around $63,973.86 by the filing date, the paper loss on the treasury tracks closely with bitcoin’s roughly one-third drawdown across the first half of the year.

Capex outpaces expectations as stock swings

SpaceX spent $18.4 billion on capital expenditures in the quarter, well above analyst expectations of $13 billion, as it continues pouring money into AI infrastructure alongside its launch and Starlink businesses. SPCX shares closed the regular session up nearly 10%, touching $125.33 at one point, before reversing sharply after hours to fall roughly 6-8% to around $118 once the results and bitcoin-related figures were digested.

The swing came even as the Nasdaq 100 gained 3.3% on the same trading day, underscoring that investors focused on the crypto-linked drag rather than the top-line beat. The report is SpaceX’s first as a public company, arriving less than two months after its record $86 billion IPO.

Why this matters for crypto watchers

SpaceX joins a small group of large public companies carrying bitcoin directly on the balance sheet, and its decision to hold through a 33% price decline rather than trim the position signals continued conviction in the asset despite short-term mark-to-market pain. The timing is notable: the earnings land just ahead of an August 6 unlock that frees roughly 912 million employee and early-backer shares for potential sale, a separate liquidity event that could weigh on SPCX independently of bitcoin’s price path.

For crypto investors, the episode is a reminder that corporate bitcoin treasuries amplify balance-sheet volatility in both directions — a lesson increasingly relevant as more companies bring BTC onto their books alongside core operating businesses.