[Digital Today reporter Jinju Hong (홍진주)] Elon Musk’s space company SpaceX is expected to disclose its initial public offering filing as soon as this month, focusing market attention on its bitcoin holdings, which have remained largely unknown.

CoinPost, a blockchain media outlet, reported on May 15 that SpaceX has already completed a confidential listing application with the U.S. Securities and Exchange Commission in April. It is now said to have begun preparing for an investor roadshow, targeting a June 8 start.

Markets are watching whether the IPO filing could provide the first official disclosure of SpaceX’s financial condition and asset composition. Bitcoin holdings have emerged as a key focus.

On-chain data analytics firm Arkham Intelligence estimates SpaceX currently holds 8,285 BTC in a Coinbase Prime custody account. At current prices, the stake is valued at about $670 million.

SpaceX has been known to hold bitcoin since 2021, but as a privately held company it was not required to disclose related details in official financial materials.

That could change if a listing moves forward. Fair-value accounting rules introduced by the U.S. Financial Accounting Standards Board take effect from the end of 2025, requiring listed companies to revalue bitcoin holdings at market prices each quarter and reflect them in financial statements. Markets are also watching how bitcoin price swings could affect volatility in SpaceX’s results, beyond the size of its holdings.

The IPO’s size is also being discussed as potentially the largest on record. SpaceX was reported to have been valued at about $1.25 trillion after merging with Elon Musk’s artificial intelligence company xAI in February.

Markets are raising the possibility that the IPO could raise about $70 billion to $75 billion. If realised, that would be the largest IPO on record, far exceeding the roughly $25.6 billion raised by Saudi Aramco in 2019.

Investors are also watching how shares would be allocated. SpaceX advisers are said to be reviewing options to allocate shares to retail investors outside the United States, including in Britain, Japan and Canada. With the possibility of an allocation to Japanese retail investors being discussed, expectations for inflows from Asian investors are also rising.

Markets are seeing the filing as likely to be the first official document to confirm SpaceX’s actual asset composition and recent financial condition. Attention is focused not only on the listing’s scale and fundraising plans, but also on how the holding of 8,285 bitcoin would appear in its financial statements.

After a listing, quarterly gains and losses from marking bitcoin to market would be reflected directly in results. Markets expect SpaceX’s crypto strategy to emerge as a key factor in its future corporate value and share price trends.