Elon Musk’s SpaceX Transfers $94 Million in Bitcoin Ahead of Potential IPO

SpaceX, Elon Musk's private aerospace company, moved over $94 million in Bitcoin on Wednesday, according to on-chain data, just before its rumored plans for a potential initial public offering (IPO) in 2026.

The transfer involved approximately 1,021 BTC, split into two separate transactions of 407 BTC and 614 BTC. This latest move continues a series of similar transfers made by the company in the past two months, as it prepares for what might be a record-breaking IPO, possibly raising over $30 billion with a valuation of $1.5 trillion.

Previously, SpaceX hadn’t made significant changes to its Bitcoin holdings for three years, until it started transferring large amounts this year. The firm still holds about $765 million in Bitcoin, securing its position as one of the largest private holders of the cryptocurrency.

While the reasons behind these recent transfers remain unclear, the timing suggests they may be part of preparations for the company’s planned IPO. However, without official confirmation, it’s uncertain whether these Bitcoin transfers are directly related to the IPO.

Despite the recent dip in Bitcoin’s price, SpaceX’s large Bitcoin stash remains significant, and the firm continues to maintain a major stake in the world’s leading cryptocurrency. Bitcoin’s price has recently recovered from a dip, trading at around $92,287, but it’s still nearly 27% below its all-time high of $126,000.