SpaceX has shifted more than $200 million worth of Bitcoin into new wallets, a development that immediately triggered speculation about the company’s intentions ahead of its anticipated 2026 initial public offering.
The transfers occurred in two major batches and quickly caught the attention of on-chain analysts, although early assessments suggest the movements reflect internal treasury adjustments rather than preparation for an active market sale.
SpaceX(@SpaceX) just transferred out another 1,021 $BTC($94.48M), to possibly Coinbase Prime for custody.https://t.co/zW62EKM2RDpic.twitter.com/PwBIvD5RaR
— Lookonchain (@lookonchain) December 10, 2025
Large Bitcoin Transfers Raise Questions but Show No Signs of Market Selling
Blockchain analytics firm Arkham Intelligence reported that SpaceX moved roughly 1,083 BTC, valued at about $100 million, around December 5. Another earlier transfer involved 1,163 BTC, worth more than $105 million at the time. Both transactions redirected funds into fresh, unlabeled wallets that were not linked to known exchanges. That detail matters because inflows toward exchange wallets typically signal imminent liquidation, while private-wallet clusters usually indicate consolidation or custody changes.
SpaceX’s broader Bitcoin position remains substantial. Current estimates place the company’s holdings at approximately 6,095 BTC, valued near $550 million. Analysts noted that nothing in the transaction patterns points to forced selling or market-moving liquidation, which reduces the likelihood of any near-term Bitcoin impact.
IPO Momentum Builds as SpaceX Targets Record-Breaking Valuation
The timing of these transfers coincides with escalating momentum around SpaceX’s rumored 2026 IPO. Recent reports indicate that the company is preparing for a listing that could push its valuation toward an unprecedented $1.5 trillion. If successful, the offering would become the largest IPO in history and transform SpaceX into a publicly traded giant with enormous capital-raising capability.
This confidence in SpaceX’s valuation stems from strong revenue projections. The company is expected to generate roughly $15 billion in 2025, with estimates rising to between $22 billion and $24 billion in 2026. Starlink remains the primary growth engine, expanding rapidly across global markets and driving recurring revenue at scale.
Strategic Capital Plans Align With SpaceX’s Long-Term Infrastructure Goals
Sources familiar with the company’s plans suggest that IPO proceeds would be directed toward developing space-based data centers and securing the specialized chips required for those systems. These initiatives align closely with Elon Musk’s long-standing ambition to build orbital computational infrastructure capable of supporting advanced communication and AI workloads.
Given these strategic priorities, analysts believe SpaceX’s Bitcoin transfers likely reflect sophisticated treasury management ahead of a transformational corporate event rather than any attempt to influence market pricing. With the IPO timeline accelerating and revenue forecasts climbing, the company appears to be structuring its assets to prepare for one of the most ambitious offerings ever attempted.