SpaceX holds 8,285 BTC worth $603M steady as xAI costs flip $8B profit to nearly $5B loss ahead of IPO

$28M/day xAI burn rate and they didn't sell a single sat of the 8,285 BTC to cover it — position untouched since mid-2024 through a full $5B loss swing on $18.5B revenue. If the largest IPO in history prices at $1.75T with $603M in bitcoin sitting in Coinbase Prime, that's a stronger institutional endorsement of BTC-as-treasury-asset than any MicroStrategy purchase announcement. Public markets are about to be forced to price in corporate bitcoin exposure at a scale that makes every previous treasury adoption look like a pilot program.

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