SpaceX's Bitcoin holdings remained entirely unchanged from end of 2025 through Q1 2026. Yet because Bitcoin prices retraced from $126,000 toward $70,000, the reported fair value dropped from $1.64 billion to $1.29 billion — wiping hundreds of millions from reported income without a single coin being liquidated.

That is the accounting reality of corporate Bitcoin treasuries under fair-value rules. SpaceX did not sell. The paper loss appeared anyway. When BTC recovers, the reverse happens automatically. The company bought at $35,324. It is sitting on $789 million in unrealized gains at $74,349. That number grows on every dollar above $35,324.

SpaceX is targeting a valuation between $1.5 and $2 trillion. Polymarket prices a 70% chance it lists above $2 trillion. The concern: simultaneous mega-IPOs from SpaceX, OpenAI, and Anthropic could drain institutional liquidity from crypto markets as capital reallocates to equity offerings. That is the near-term risk from the SpaceX disclosure. Not the Bitcoin holdings — those are bullish. The liquidity competition — that is the headwind.