SpaceX Puts IPO Cash Into Money Funds and AI, Not Bitcoin

SpaceX placed the bulk of the $85.675 billion it raised in its record IPO into money-market funds and short-term government securities while directing tens of billions toward AI infrastructure. The company’s reported Bitcoin balance remained unchanged at 18,712 BTC as of June 30.

In its second-quarter SEC filing, SpaceX reported revenue of $7.814 billion, a 92% increase year over year, and adjusted EBITDA of $3.538 billion, up 191%. Net loss narrowed to $541 million from $1.008 billion a year earlier, and operating loss improved to $143 million from $970 million.

At June 30 the company held $65.625 billion in money-market funds, $4.011 billion in government securities classified as cash equivalents and $6.487 billion in marketable securities, a total of about $76.123 billion in those liquid instruments. The IPO proceeds boosted the company’s cash, cash equivalents and marketable securities to roughly $100 billion.

SpaceX’s reported Bitcoin position stood at 18,712 BTC with a cost basis of $661 million. The filing shows the fair value of that holding fell to $1.098 billion from $1.637 billion in the first half, producing a $539 million unrealized loss. The holding remained about $437 million above cost. The filing does not disclose trade-level activity, so purchases and sales could have offset each other during the period without changing the quarter-end balance.

AI infrastructure dominated capital spending. The company invested $15.828 billion in AI capital expenditure in the quarter, more than 21 times the $749 million spent a year earlier and about double the first quarter’s AI outlay. AI spending accounted for 86% of SpaceX’s $18.369 billion in total quarterly capex. For the first half, AI capex rose to $23.551 billion from $3.316 billion a year earlier. SpaceX indicated capital spending would remain at similar levels through the end of the year.

AI-related revenue totaled $2.561 billion in the quarter, driven by compute agreements with customers including Google and Anthropic and by revenue from Grok and X subscriptions. SpaceX reported $14.1 billion in signed cloud-services agreements and disclosed an additional $6.7 billion in contracts after the quarter closed. The AI segment recorded a $1.257 billion operating loss and large noncash charges, including $1.885 billion in depreciation and amortization and $2.178 billion in research and development.

According to CFO Bret Johnsen, contracted compute deployments were yielding payback periods of less than one year for specific contracts, allowing equipment costs to be recovered faster than for launch sites and satellite projects. The company framed that comment as applying to particular compute agreements rather than to the entire AI business.

Investors are watching the IPO lockup schedule for potential selling pressure. On Aug. 6 insiders became eligible to sell roughly 900 million shares, worth about $105 billion at current prices, the first tranche of a broader unlock that will expand tradable supply later in the year. Tom Dunleavy, head of venture at Varys Capital, described the release as likely to “rank among the largest lockup expirations in market history.” Additional unlocks after the third-quarter report and in December could make about 40% of SpaceX’s outstanding shares freely tradable over time; Elon Musk’s stake remains locked until June 2027.

Short sellers and derivatives traders have positioned for volatility. Data in the filing indicated high demand for borrowing SPCX shares, with an estimate that 95% of shares available to borrow were out on loan and short interest at about 34% of the public float. Crypto and futures platforms showed elevated SPCX trading volume and open interest for recently launched futures contracts, with 24-hour futures volume near $6.85 billion and open interest approaching $720 million. At the time of the filing the stock traded lower than its IPO price, down about 15% from the $135 IPO level, roughly 28% lower over the past month and about 49% below its June high.

The filing details the company’s allocation of IPO proceeds to liquid instruments and its heavy investment in AI infrastructure while the reported Bitcoin quantity remained unchanged even as its market value moved.