SpaceX IPO Cash Piles into Money Funds, Bitcoin Holdings Flat

SpaceX just crushed Wall Street expectations in its first quarterly report since going public. The company reported a 92 percent jump in revenue to over 7.8 billion dollars. While the financial results were strong, crypto observers noticed where the company parked its new wealth. Instead of adding to its Bitcoin treasury, SpaceX shifted the bulk of its IPO proceeds into money market funds and government securities.

As of June 30, SpaceX held 18,712 Bitcoin, the exact same amount it reported at the end of 2025. While the company did not disclose any smaller trades during the quarter, the balance sheet suggests the firm is not aggressively accumulating digital assets despite having nearly 100 billion dollars in cash and marketable securities at its disposal.

The real focus for SpaceX right now is clearly artificial intelligence. The firm poured nearly 16 billion dollars into AI infrastructure during the second quarter, which accounts for the vast majority of its capital spending. With AI revenue already climbing through deals with major tech companies, it is clear that SpaceX is prioritizing data centers and computing power over crypto asset expansion.

Investors watching SpaceX as a potential proxy for Bitcoin exposure may need to adjust their expectations. Even with a massive cash pile, Bitcoin now represents only about one percent of the company's liquid assets. The market will continue to watch if the firm shifts its strategy, but for now, the capital is moving into traditional high yield safe havens and AI tech.