Tesla Holds 11,509 BTC Untouched While Injecting $2 Billion Into SpaceX

Tesla kept its 11,509-coin Bitcoin stake unchanged through Q1 2026, leaving the position HODLed despite Bitcoin sliding from roughly $90,000 to $68,000 and knocking Tesla’s carrying value down 22% to about $786 million (a $173 million fair-value loss). Rather than add to crypto, Tesla redirected capital — disclosing a $2 billion investment into SpaceX that effectively converted its xAI stake into a sub-1% holding, and offsetting $1.4 billion of Q1 free cash flow. The company beat Q1 EPS estimates ($0.41 vs. $0.36) and emphasized heavy AI and silicon spending (Cortex 2, Dojo 3 repositioning, AI5 chip taped out), while FSD subscriptions rose to a record 1.28 million. Market impact: Tesla’s continued BTC stasis amid large AI capex and SpaceX funding signals a pause in corporate accumulation, which could influence other public-company treasuries and moderates expectations for further institutional Bitcoin buying from Tesla.