#SpaceXHolds18KBTC SpaceX just filed its S-1. Buried in the financials: 18,712 BTC as of March 31. Worth $1.29B. More than Tesla 👀 The company targeting a $1.75T–$2T valuation had $18.7B in revenue and a $2.6B operating loss last year. Less than a tenth of Meta's revenue. Starlink is the only unit actually making money. AI is still burning cash 🔥 So you're essentially being asked to value "future internet + rockets" at $2T and trust the founder narrative over the income statement 💀 But the BTC disclosure is what I can't stop thinking about. This isn't a tweet or a rumor — it's an S-1. Legally binding. 18,712 BTC sitting on the balance sheet of one of the most anticipated IPOs in history. The institutional BTC adoption story just got a new data point that's actually verifiable 📊 One question though: Musk left SpaceX's board. What happens to that BTC position post-IPO? The S-1 better have something on founder risk mitigation 🤔