Neptune Digital Assets (TSXV: NDA) has turned an early SpaceX position into an asset large enough to reshape its balance sheet, and part of that gain is now liquid.
The Vancouver company said Thursday it has received 29,879 SpaceX shares that are no longer subject to the initial lockup, giving it roughly $6.1 million of freely tradable stock. Neptune said it has not sold any of the shares.
Because of this, Neptune’s full SpaceX position is now worth about $33 million (US$24 million), based on the company’s reference price of roughly US$146 per share. The firm says it holds approximately 163,000 SpaceX shares acquired for about US$3.3 million in total, or roughly US$20 per share on a split-adjusted basis.
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That puts the gross increase in value at about US$20.7 million, before considering taxes, fees, or other adjustments.
The size of the position is striking relative to Neptune itself. At May 31, the company reported $76.6 million of total assets and $59.0 million of shareholder equity. Its current $33 million SpaceX position is equivalent to about 43% of that reported asset base and 56% of the reported equity figure. Neptune generated $758,000 of mining and staking revenue during the first nine months of fiscal 2026.
Neptune’s investor page lists approximately 128 million shares outstanding. At a recent $0.49 share price, that implies an equity market value of roughly $62.7 million, meaning the stated $33 million SpaceX position alone is equivalent to about 53% of Neptune’s public-market capitalization.
The approximately 163,000-share count also reflects SpaceX’s pre-IPO restructuring. Neptune held 32,126 SpaceX shares before SpaceX approved a 5-for-1 stock split in May, which would translate to 160,630 shares after the split.
Neptune also owned 3,601 shares of xAI. Under the previously disclosed SpaceX-xAI transaction terms, those xAI shares were expected to convert into roughly 516 pre-split SpaceX shares, or about 2,580 shares after the split. Together, those positions reconcile closely with Neptune’s current approximate total.
SpaceX priced its June IPO at US$135 per share, raising US$75 billion and valuing the company at about US$1.77 trillion. Neptune said at the time that its stake was worth roughly US$22 million at the offering price. SpaceX shares have since been volatile, falling below the IPO price in July before recovering. They were trading around US$144.51 Thursday morning when checked, slightly below the US$146 level Neptune used in its release but still enough to value the position at approximately US$23.6 million.
Only about 18% of Neptune’s SpaceX position is currently represented by the 29,879-share free-trading tranche. The remaining shares will be released according to a predetermined lockup schedule, the company said. That leaves most of Neptune’s SpaceX exposure still subject to staged liquidity even though the underlying company is now publicly traded.
CEO Cale Moodie called SpaceX a “cornerstone, long-term holding” and said Neptune intends to actively manage the position.
