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SpaceX keeps Bitcoin flat while parking IPO cash in Treasuries

SpaceX put $65.625 billion into money-market funds and $4.011 billion into government securities by June 30, while its reported Bitcoin balance and cost basis were unchanged from year end.

Reported · Written up by our desk · Market Structure

SpaceX reported a surge in second-quarter results in its first quarterly filing since its record IPO, with revenue up 92% year over year to $7.814 billion and adjusted EBITDA rising 191% to $3.538 billion, according to CryptoSlate. The company said it bolstered its cash base for accelerating artificial intelligence expansion, sending most post-IPO liquidity into money-market funds and government securities while keeping an unchanged Bitcoin balance. SpaceX generated $85.675 billion in net proceeds during the IPO, lifting cash, cash equivalents and marketable securities to nearly $100 billion. In the June 30 breakdown, SpaceX held $65.625 billion in money-market funds, more than triple the $21.339 billion reported at the end of 2025, and it also held $4.011 billion in government securities classified as cash equivalents plus $6.487 billion in marketable securities. Combined, its money-market funds and government securities totaled $76.123 billion. Despite the shift into traditional liquidity vehicles, SpaceX reported 18,712 BTC with a cost basis of $661 million at June 30, the same amount and cost basis as at the end of 2025. The company’s reported Bitcoin fair value fell to $1.098 billion from $1.637 billion during the first half, creating a $539 million unrealized loss, though the position still sat about $437 million above its reported cost.

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