SpaceX reported a $540 million decline in bitcoin holdings during its first public earnings report, marking the first major corporate test of new FASB accounting rules. According to reports from CoinDesk, the company's bitcoin holdings fell from $1.64 billion at the end of 2025 to $1.10 billion at the end of June 2026, representing a 33% decline as bitcoin's price dropped from approximately $87,600 to $58,800 over the six-month period. The loss flowed directly through the income statement under the new fair-value accounting standard, creating a significant earnings volatility that overshadowed SpaceX's strong operational performance.
Despite the bitcoin loss, SpaceX delivered impressive operational results that beat Wall Street expectations. As reported by CoinDesk, the company reported second quarter revenue of $7.8 billion, beating consensus estimates by $900 million, with adjusted EBITDA nearly tripling year-over-year to $3.5 billion. The net loss narrowed from $1.0 billion to $541 million, with the bitcoin mark-to-market loss accounting for nearly the entire net loss. Without the bitcoin position, SpaceX's core operations would have been approximately breakeven, representing a significant milestone for the company's launch business and Starlink subscriber growth.
SpaceX's SEC filing disclosed a much larger bitcoin position than previously known, with the company holding 18,712 BTC as of June 30, 2026. According to CoinDesk, this represents more than double the 8,285 coins that on-chain analytics firm Arkham Intelligence had tracked to SpaceX wallets as recently as May 2026. The filing suggests SpaceX acquired approximately 10,427 additional bitcoin in the weeks surrounding its $86 billion IPO, with the company buying bitcoin while the price was falling and accumulating more than $600 million in additional exposure during a sustained downtrend.
The FASB ASU 2023-08 accounting rules, which took effect for fiscal years beginning after December 15, 2024, require companies to report both gains and losses on crypto holdings through the income statement each quarter. As reported by CoinDesk, this replaced the old impairment-only model that could only write values down. Under the new fair-value measurement, SpaceX's $540 million loss is real in accounting terms but potentially temporary in economic terms, as the company could report a corresponding $540 million gain if bitcoin recovers to its year-end 2025 price. The timing is particularly exposed as approximately 912 million shares held by employees and early backers become eligible for sale on August 6.
SpaceX's stock fell 6% in extended trading on August 4, the same day the Nasdaq 100 gained 3.3%, demonstrating the communication challenge bitcoin holdings create for public companies. According to CoinDesk, the bitcoin loss dominated the earnings narrative despite strong operational performance, with the company's launch business, Starlink subscriber growth, and AI infrastructure expansion performing ahead of schedule. The filing serves as a template for how markets will react to crypto volatility on corporate balance sheets, with every corporate bitcoin holder now facing similar quarterly earnings volatility that can overshadow operational performance.
