SpaceX IPO makes 25% of Mag8 hold bitcoin, Saylor
Michael Saylor posted that SpaceX’s IPO adds SpaceX to his ‘Mag8’ list and raises the share of Mag8 firms holding bitcoin on corporate balance sheets to 25%.
Michael Saylor, executive chairman of MicroStrategy, posted on X on June 13 after SpaceX completed its public listing. He wrote: “Congratulations Elon Musk and $SPCX on a historic IPO. Thanks to you, 25% of the Mag8 now holds Bitcoin on the balance sheet.”
The IPO drew roughly $350 billion in orders against a planned $75 billion offering and valued SpaceX near $2.1 trillion, according to reports. The listing placed SpaceX among the largest technology companies by market value.
Saylor’s “Mag8” expands the Magnificent Seven-Alphabet, Amazon, Apple, Meta, Microsoft, Nvidia and Tesla-by adding SpaceX to the group.
Corporate bitcoin treasuries now include public companies, private firms, miners, exchanges and funds. The top 100 corporate treasuries hold about 1,258,090 BTC combined. MicroStrategy is the largest corporate holder with roughly 845,256 BTC, acquired through debt, equity and preferred-stock financing. Tesla holds about 11,509 BTC. SpaceX’s reported holdings total 18,712 BTC, worth about $1.2 billion at current prices.
Market participants have raised questions about how companies fund large bitcoin positions and the impact on balance-sheet risk. Charles Edwards, founder of Capriole Investments, warned that bitcoin treasury companies are “levering up at record rates.” Grayscale cautioned MicroStrategy could face limits on future purchases if market conditions weaken.
Saylor outlined four bitcoin ideologies he calls Maximalists, Capitalists, Technologists and Fundamentalists, describing views that treat bitcoin as corporate capital, bank collateral, national reserves and infrastructure for financial markets.
The addition of SpaceX to Saylor’s Mag8 and its reported bitcoin holdings increase the number of top technology firms with bitcoin on their balance sheets.
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