SpaceX S-1: $1.29B Bitcoin, X payments, $45B Anthropic deal

SpaceX filed an S-1 with the SEC on May 20 that discloses 18,712 Bitcoin on its balance sheet, outlines expansion plans for X into payments and banking, and details large AI compute contracts including a binding agreement with Anthropic.

The prospectus reports the Bitcoin position as of March 31, 2026 with a fair market value of about $1.29 billion and a historical cost of roughly $661 million, implying an average purchase price near $35,324 per coin. The filing says the coins are held with unnamed third-party custodians and that the nominal Bitcoin inventory did not change from the end of 2025 through the first quarter of 2026.

The document notes fair-value accounting rules require quarterly mark-to-market measurement of eligible digital assets. A decline in Bitcoin’s price during the quarter reduced the reported fair value from about $1.64 billion to $1.29 billion, producing unrealized losses that flowed through reported income without any sales, the filing shows.

On X, the prospectus describes plans to expand beyond social media into payments, banking, commerce and AI features. The filing highlights Money, a payments product launched in beta in November 2025, and says the company is developing functionality for users to hold balances and settle transactions natively. The prospectus does not commit to specific token rails or stablecoin integrations.

SpaceX set out an AI compute strategy that estimates a global market opportunity of roughly $2.4 trillion for AI compute infrastructure. The company described a business model of building large internal GPU clusters and leasing excess capacity to external developers as training workloads fluctuate.

The filing discloses a binding agreement with Anthropic for nearly $45 billion in capacity payments over roughly three years, with monthly payments of $1.25 billion through May 2029 and a brief ramp-up discount in May and June 2026. The contract allows either party to terminate with 90 days written notice.

The prospectus links SpaceX’s satellite network, xAI computing work and terrestrial data-center activities. It states the company is monetizing computing resources through its merger with xAI and by selling capacity to third parties, and describes longer-term goals that include solar-powered data centers and using Starlink’s laser-mesh satellite network to connect remote compute sites.

The filing discusses potential effects on public Bitcoin miners and cloud providers, noting miners have advantages in grid access and developed sites while SpaceX plans to offer large-scale facilities and novel connectivity options. The S-1 also warns prospective SPCX shareholders that marking digital assets to market each quarter can introduce volatility in reported net income. The prospectus lists SpaceX’s core business lines-rocket launches, satellite operations and AI development through xAI-and includes a valuation estimate near $1.75 trillion and a planned SPCX ticker for a public listing.