Internal dialysis and metallochromic indicators were used to determine the free calcium concentration and calcium buffering properties of squid axoplasm. The free calcium concentration in fresh unloaded squid axons is about 30 to 50 nM. About 6% of the calcium content (ca. 50 mumol/kg axoplasm) of a fresh squid axon is held in a metabolically labile, presumably mitochondrial, component. A morphological consequence of this finding is that there should be no accumulation of calcium in mitochondria of fresh squid axons unless there is a large component of nonlabile calcium. The physiological implication is that the mitochondria are probably not buffers for physiological perturbations in free calcium concentration. When an exogenous load of several hundred mumol/kg axoplasm with an ambient ionized calcium concentration above a few hundred nanomolar is applied to axoplasm, all of it goes into organelles. About one-third of that load is found in the mitochondria and about two thirds in some other organelles. When axoplasm is poisoned with carbonyl cyanide-p-trifluoromethonyphenylhydrazone (FCCP), around 70% of the load remains in the nonmitochondrial fraction.