A potential merger between SpaceX and Tesla could hand Elon Musk direct control of more than 30,221 Bitcoin, valued at approximately $2.27 billion, according to recent regulatory filings. The combined entity would rank among the top five publicly traded Bitcoin treasuries worldwide.
Reports indicate that Musk, already the world's richest man, has discussed with colleagues the possibility of folding the two companies together. "The two companies already have a laundry list of shared resources, and Musk has discussed with colleagues the possibility of folding the companies together," according to a report citing people familiar with the discussions.
The speculation comes as Musk has already demonstrated a pattern of consolidating his business empire. He previously merged social media platform X with his xAI artificial intelligence company, and is now reportedly in the process of combining xAI with SpaceX as well.
SpaceX's Bitcoin holdings came to light last week when the company filed for an IPO, revealing a position of 18,712 BTC worth more than $1.4 billion. According to its SEC filing, the firm originally acquired that Bitcoin for just $661 million and has held its current allotment since at least 2024. On-chain data from Arkham Intelligence indicated the company moved funds on-chain for the first time in three years last July, and again moved around $94 million worth of BTC in December — though data gathered at the time suggested the firm held fewer than 9,000 BTC, less than half of what its recent SEC filing actually discloses.
Tesla, meanwhile, holds 11,509 BTC worth approximately $862 million, according to its most recent 10-Q filing. Together, the two companies' combined Bitcoin position of more than 30,000 BTC would place the hypothetical merged firm at number five among publicly traded Bitcoin treasuries.
Musk has long been associated with cryptocurrency, publicly identifying himself as a supporter of Bitcoin. However, he disclosed in 2020 that he personally owned only around 0.25 BTC — a holding now valued at nearly $19,000. He has a more prominent public history with Dogecoin (DOGE), the Shiba Inu-themed meme coin that currently ranks as the 10th largest cryptocurrency by market capitalization.
Should SpaceX proceed with its IPO independently, the Starbase, Texas-based company is targeting a valuation of approximately $1.75 trillion, which would make it the largest initial public offering in history.
Bitcoin was trading down around 1.3% over the past 24 hours at approximately $75,021 at the time of reporting, sitting more than 40% below its all-time high of $126,080 set last October.
Why it matters
On-chain data suggested SpaceX held fewer than 9,000 BTC before its IPO filing, yet the SEC filing disclosed 18,712 BTC — a significant gap that highlights how much of a company's crypto holdings can remain invisible to outside observers until formal regulatory disclosure.
Based on the most recent filings, a combined SpaceX-Tesla entity would rank fifth among publicly traded companies by Bitcoin holdings, placing it alongside a small group of firms that have made large-scale corporate Bitcoin accumulation a defining feature of their balance sheets.
SpaceX's IPO filing is the first time the company has publicly disclosed the size of its Bitcoin position, making that holding visible to prospective public investors who will be evaluating the company's assets ahead of any potential public offering.
