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SpaceX discloses 18,712 BTC as Moody’s assigns Baa1 rating

SpaceX discloses 18,712 BTC as Moody’s assigns Baa1 rating

SpaceX’s Bitcoin treasury will be marked to market as Moody’s, Fitch and S&P assign investment-grade ratings ahead of a reported bond sale to refinance xAI-related debt and fund AI expansion.

BTC

Fact Check
The 18,712 BTC holding (~$1.29B as of March 31, 2026) is confirmed by CoinDesk, Fortune, the cryptobriefing report, and the underlying SEC S-1. The mark-to-market treatment is confirmed by Fortune. Investment-grade ratings from Moody's, S&P, and Fitch and the $20B bridge loan maturing September 2027 are confirmed by multiple outlets including the BigGo summary and the S-1's reference to a bridge loan and investment-grade rating aim. The specific Moody's Baa1 notch is reported by cryptobriefing and crypto.news; rating agencies had not publicly confirmed exact notches, a minor uncertainty. The $20B+ bond sale to refinance is described as 'reported/anticipated,' consistent with analyst expectations. The claim is well supported across primary and corroborating sources.
Summary

SpaceX disclosed holdings of 18,712 BTC, valued at about $1.29 billion in the newer report, and the stake will be marked to market each quarter under fair-value accounting rules, making Bitcoin-related valuation swings more visible in public filings. Separately, Moody’s assigned SpaceX a Baa1 investment-grade rating, Fitch rated the company BBB+, and S&P assigned a BBB rating with a stable outlook on June 19, supporting a reported bond sale of at least $20 billion. Reuters and Bloomberg reported that investor calls could begin as early as next week for an offering intended to refinance a $20 billion loan tied to SpaceX’s February acquisition of xAI, due in September 2027 and representing most of its $29.1 billion in long-term debt as of March 31. S&P cited strong launch and connectivity businesses, while flagging heavy capital needs and uncertainty around AI operations, and said it expects adjusted leverage to remain below 2.0x through 2029, peaking at 1.2x in 2028.

Terms & Concepts
  • fair-value accounting: An accounting method that records assets using current market prices rather than older book values.
  • Baa1: Moody’s lower-tier investment-grade credit rating.
  • adjusted leverage: Debt measure compared with earnings or cash flow.