SpaceX dropped a major reveal on May 20 as part of its long-awaited IPO filing: the company holds 18,712 BTC at a fair value of $1.29 billion as of Q1 2026 — well above what on-chain estimates had suggested (~8,000 BTC). The cost basis sits at roughly $35,000 per coin, meaning the position is already deep in profit. This makes SpaceX the 11th-largest publicly known corporate Bitcoin holder globally, leapfrogging both Tesla and Coinbase. With BTC at ~$77,854 today, SpaceX’s stack is worth closer to $1.45 billion. The disclosure reinforces a growing trend: major private companies are treating BTC as a treasury reserve asset before going public. Compare that to MicroStrategy’s 840,000+ BTC — SpaceX has a long way to go at the top — but the mere disclosure at IPO stage signals that Bitcoin on the balance sheet is no longer a PR risk; it’s a feature. Does SpaceX holding 18K BTC change how you think about Bitcoin’s role as a corporate treasury asset — and does it make you more bullish on the IPO? Just sharing my thoughts. Not financial advice. DYOR. #SpaceXHolds18KBTC