SpaceX holds 18,712 Bitcoin as first-ever earnings reveal $101B lockup looming

SpaceX just pulled back the curtain on its finances for the first time as a public company, and there’s a lot to unpack. The headline number: $7.8 billion in Q2 2026 revenue, a 92% jump from $4.1 billion a year earlier. But Wall Street’s real fixation is on what happens two days after the August 4 earnings release, when a lockup expiration floods the market with roughly 912 million shares worth approximately $101 billion.

For crypto investors specifically, there’s a buried detail worth paying attention to. SpaceX disclosed it holds 18,712 Bitcoin on its balance sheet, valued at $1.10 billion as of June 30, 2026. That’s down considerably from $1.64 billion at the end of 2025, a decline of roughly 33% driven by broader crypto market weakness.

The earnings picture

SpaceX’s inaugural quarterly report exceeded expectations. Wall Street’s consensus estimate sat around $6.9 billion in revenue, meaning the company beat by roughly $900 million.

The net loss narrowed meaningfully, coming in at $541 million compared to a $1.0 billion loss during the same quarter last year.

Adjusted EBITDA hit $3.5 billion, which sounds great until you look at the capital expenditure line: $18.4 billion. SpaceX is spending more than twice its quarterly revenue on capex, largely driven by investments in AI infrastructure.

The company went public on June 12, 2026, in an IPO that raised approximately $75 billion and landed a valuation somewhere between $1.75 trillion and $2 trillion.

The $101 billion lockup problem

On August 6, 2026, the post-IPO lockup period expires, releasing approximately 912 million shares into the tradable float. At recent prices, that stash is worth around $101 billion.

SpaceX released earnings just two days before the lockup expires, giving investors exactly one trading session to digest the results before the floodgates open.

SpaceX’s Bitcoin strategy

At 18,712 BTC, SpaceX ranks among the notable corporate holders of Bitcoin globally. And the company made a telling decision during Q2: it didn’t sell a single coin.

The Bitcoin treasury lost roughly $540 million in value over six months, declining from $1.64 billion to $1.10 billion, and SpaceX’s response was to do nothing. No panic selling, no trimming the position, no rebalancing.

For crypto-focused investors watching SPCX, the lockup expiration creates a potential entry point. If selling pressure drives the stock lower in the days following August 6, the embedded Bitcoin exposure becomes cheaper by default. At 18,712 BTC, every meaningful move in Bitcoin’s price shows up on SpaceX’s balance sheet, making SPCX a partial proxy for crypto exposure wrapped inside an aerospace and AI business.

Investors should watch both the post-lockup trading volume and any signals from management about whether the Bitcoin treasury strategy remains unchanged heading into Q3.

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