SpaceX moved another 1,021 bitcoins on Wednesday, worth about $94.5 million.
The transfer was split between two unmarked addresses via Coinbase Prime custody. One address received 614 BTC, the other 407 BTC.
This marks the ninth transfer by SpaceX this year. The latest moves total about 8,910 BTC, worth nearly $924 million. Analysts say the company is consolidating its holdings and upgrading from older bitcoin addresses.
SpaceX’s bitcoin holdings were tagged on the chain by Arkham Intelligence. The company currently controls about 3,991 BTC, worth about $367 million at current prices. The stock has fluctuated in recent years.
That total once topped $1.6 billion during the 2021 bull market. In mid-2022, SpaceX reportedly reduced its stake by about 70% after shocks from the Terra-Luna collapse, FTX bankruptcy and market-wide turbulence.
SpaceX has not made any public statement about the transactions. Tesla, another Elon Musk-run company, currently has 11,509 BTC, worth about $1.24 billion.
SpaceX IPO?
The Bitcoin realignment comes as SpaceX advances plans for a massive IPO. Bloomberg reported that the company aims to raise more than $30 billion in its IPO. The target valuation is close to $1.5 trillion, potentially surpassing Saudi Aramco’s record $29 billion fundraising in 2019.
SpaceX’s IPO could happen as early as mid-to-late 2026. Sources say the timing could slip into 2027 depending on market conditions. If successful, it would be the largest listing in history by valuation.
The offering will give investors exposure not only to rockets, satellites and Starlink internet services, but also to SpaceX’s crypto holdings. Musk’s companies were among the earliest institutional bitcoin adopters.
SpaceX has also used dogecoin to fund its DOGE-1 lunar mission, highlighting Musk’s influence on crypto markets.
Forecast market data shows growing confidence in SpaceX’s valuation. Polymarket traders assign a 67% probability that the IPO will exceed a market cap of $1 trillion.
The IPO could raise capital for Starlink expansion, space-based data centers and other ventures that cross artificial intelligence and crypto infrastructure, according to Bloomberg.
Analysts note that the restructuring of the chain is consistent with the company’s broader financial strategy. Moving funds to modern addresses can reduce transaction costs, improve security and consolidate the management of multiple wallets.
Most of SpaceX’s remaining bitcoin is expected to be migrated as the consolidation is completed.