SpaceX has allocated large funds secured after its initial public offering to artificial intelligence infrastructure and short-term safe assets rather than bitcoin.

On Aug. 6, blockchain media outlet CryptoSlate reported that SpaceX, in its second-quarter earnings release, sharply increased holdings in money market funds and government securities without increasing its bitcoin holdings after the IPO.

SpaceX second-quarter revenue rose 92 percent from a year earlier to $7.814 billion, beating the market estimate of $6.8 billion. Adjusted EBITDA jumped 191 percent to $3.538 billion, also well above the market forecast of about $2.0 billion. Net loss narrowed to $541 million from $1.008 billion, and operating loss improved to $143 million from $970 million.

What drew market attention in the results was how it used $85.675 billion that flowed in from the listing. SpaceX cash, cash equivalents and available-for-sale securities were close to $100 billion as of June 30. Money market funds totaled $65.625 billion, more than three times $21.339 billion at end-2025. Adding $4.011 billion in government securities classified as cash equivalents and $6.487 billion in available-for-sale securities brings the total for money market funds and government securities to $76.123 billion.

By contrast, bitcoin holdings were unchanged from end-2025 at 18,712 BTC. The acquisition cost also remained unchanged at $661 million. Fair value as of end-June was $1.098 billion, down from $1.637 billion at the start of the first half, reflecting an unrealised loss of $539 million. Even so, it remained $437 million above the book acquisition cost.

After the IPO, bitcoin accounted for about 1.1 percent of total liquid assets. That was sharply lower than about 6.6 percent at end-2025.

The investment priority was AI. SpaceX spent $15.828 billion on AI infrastructure in the second quarter. That was more than 21 times $749 million a year earlier and accounted for 86 percent of total quarterly capital spending of $18.369 billion. Cumulative AI capital spending in the first half was $23.551 billion, making up about 83 percent of total investment of $28.476 billion.

AI business revenue was $2.561 billion in the second quarter. That reflected computing contracts with Google and Anthropic, as well as subscription revenue from Grok and X, formerly Twitter. Chief Financial Officer Brett Johnson (브렛 존슨) said the payback period on contracted computing equipment investment was less than 1 year.

AI has not immediately secured profitability. The AI unit posted an operating loss of $1.257 billion, reflecting $1.885 billion in depreciation and amortisation and $2.178 billion in research and development costs. SpaceX plans to continue capital spending at a similar level in the remaining two quarters of this year.

Pressure around the share price is also growing. Despite strong results, concerns about expanded AI spending and an increase in tradable shares have not been resolved. From Aug. 6, insiders can sell 900 million shares worth about $105 billion. Tom Dunleavy (톰 던리비), head of venture at Barris Capital, said, "This release could be one of the largest lock-up expirations in market history." He noted that existing shares are not being newly issued, but that if employees and early investors sell, the amount available for trading in the market could surge.

Short positions have also already built up. S3 Partners estimated that 95 percent of lendable SPCX shares were already on loan and short interest had reached 34 percent of the free float.

The crypto derivatives market has also shown expectations of greater volatility. According to Coinglass tallies, SPCX futures trading volume and open interest rose to record highs since the product launch. Trading volume over the past 24 hours was about $6.85 billion and open interest was close to about $720 million. Still, an increase in open interest reflects both long and short positions at the same time and does not in itself indicate direction.

In this situation, SPCX shares fell to $114. That was about 15 percent below the IPO price of $135, down 28 percent over the past month and about 49 percent from the June high. SpaceX post-listing fund management has focused on expanding AI rather than increasing bitcoin, and the market is paying more attention to share price volatility linked to a large increase in tradable supply.