As SpaceX prepares to file for an IPO, its Bitcoin holdings are attracting attention. The amount held has dropped from approximately $780 million a few months ago to about $545 million now. Despite not selling a single coin, there is an unrealized loss of $235 million.

This reminds us of Tesla's precedent. Musk's automaker also recorded billions of dollars in impairment losses during past downturns, which drew media attention each time. SpaceX is likely to follow the same path soon. However, unlike Tesla, the first disclosure from SpaceX will occur during its Bitcoin adjustment process.

SpaceX is managing about 8,285 Bitcoins through a major custody service. The holdings have remained unchanged since mid-2024. This suggests they plan to continue holding Bitcoin going forward. In the quarterly financial reports after the IPO, Bitcoin-related unrealized losses will be reflected each quarter. Given that this is a large IPO with a market cap exceeding $1.75 trillion, investor scrutiny is expected to be intense.