The largest IPO in history is already being followed by a massive debt offering, and SpaceX's crypto holdings are turning heads on Wall Street
SpaceX announced plans to raise $20 billion through its first investment-grade bond offering. The bond deal, announced on June 18, 2026, is designed to refinance an existing bridge loan and fund the company’s expanding AI infrastructure ambitions. SpaceX’s recent filings also reveal the company holds 18,712 BTC, valued at approximately $1.29 billion as of March 31, 2026.
The IPO that broke records #
SpaceX priced its shares at $135 on June 12, 2026, raising $75 billion in what instantly became the biggest initial public offering ever. For context, Saudi Aramco’s 2019 IPO raised $25.6 billion, which held the record for years. SpaceX nearly tripled that figure in a single listing.
SpaceX’s valuation briefly exceeded $2 trillion after shares began trading, up from an initial valuation of around $1.75 trillion. With the ink barely dry on the IPO paperwork, SpaceX is going back to capital markets for another $20 billion. The proceeds will be directed toward capital-intensive AI expansion, including data centers and specialized hardware. This follows SpaceX’s acquisition of xAI, Musk’s artificial intelligence venture, which has effectively transformed the aerospace company into a hybrid space-and-AI conglomerate.
The Bitcoin angle #
SpaceX disclosed in its filings that it acquired 18,712 Bitcoin at a cost of approximately $661 million. At valuations as of March 31, 2026, that stash was worth roughly $1.29 billion, representing a near-doubling of the original investment.
The disclosure has already created ripple effects in crypto derivatives markets. SpaceX perpetual futures experienced a short squeeze, with traders scrambling to cover positions as the implied valuation in those contracts briefly suggested a $3 trillion market cap for the company.
The $20 billion bond offering adds another layer. SpaceX is essentially telling the market that it can access investment-grade debt while simultaneously holding a volatile digital asset on its books. Bond investors, traditionally the most risk-averse participants in capital markets, appear willing to look past the Bitcoin exposure.
The risk is concentration. SpaceX is now simultaneously exposed to aerospace revenue cycles, AI infrastructure buildout costs, and Bitcoin price volatility. If crypto markets turn south while AI spending burns through capital faster than expected, that $20 billion in new debt starts looking significantly heavier. Bond investors will be watching the Bitcoin holdings closely, and any significant BTC drawdown could widen SpaceX’s credit spreads.
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