SpaceX holds 18,712 bitcoin. The stake, revealed in the company’s S-1 filing ahead of a planned Nasdaq listing, sits at roughly $1.4 billion today. Purchased at a total cost of $661 million, or about $35,000 per coin, the position has delivered nearly $800 million in unrealized gains. But the disclosure does more than highlight a smart trade. It frames bitcoin as a deliberate reserve for excess cash in one of the most ambitious companies on Earth. The numbers surprised many. On-chain trackers from Arkham Intelligence had pegged SpaceX’s visible holdings around 8,285 bitcoin as recently as last year. The filing showed more than double that amount. Some of those coins were bought back in 2021. Others accumulated later. The company trimmed its position at points. Records indicate it held as few as 6,095 bitcoin in 2025 before rebuilding. Yet it stopped selling after late 2024. That decision now looks intentional. And the rationale feels clear.…