Alphabet has put a public price on a bet it placed more than a decade ago, disclosing a $94.1 billion stake in SpaceX in its latest quarterly filing. The holding equals roughly 6% of the newly listed rocket maker, though sale restrictions and a slide in SPCX shares leave that value in flux.
Alphabet's second-quarter filing valued its SpaceX holding at $94.1 billion, the clearest public figure yet for a stake it had long carried at private-market estimates. The position equals roughly 6% of the newly listed company. The filing splits it into about $80 billion of shares under short-term sale restrictions and $14.1 billion locked through the third quarter of 2027.
A 2015 bet grows into a windfall
Google began building the position in January 2015, when it joined Fidelity Investments in a $1 billion financing round for SpaceX. The two investors received a combined stake of just under 10%, and the deal valued SpaceX at about $12 billion at the time. Reports placed Google's contribution between $500 million and $900 million, giving it about 7.5% of SpaceX at the outset.
That share later fell as SpaceX issued more stock in subsequent rounds, yet the rising valuation pushed the dollar value far higher. A larger shift came in February 2026, when SpaceX acquired Musk's AI company xAI. The transaction valued SpaceX at $1 trillion and xAI at $250 billion, creating a combined business worth $1.25 trillion before the listing.
Lockups and a falling share price
SpaceX priced its initial public offering at $135 per share before trading began on Nasdaq under the SPCX ticker on June 12. The company sold about 555.6 million shares and targeted roughly $75 billion in proceeds, for an initial valuation near $1.75 trillion. Early shareholders including Alphabet cannot immediately sell most of their holdings, leaving the company exposed to SPCX's price until the lockups expire.
But SPCX has weakened since the debut. The stock fell to $112.88 on July 23, about 16% below its IPO price, after a post-listing rally had carried it above $225. Based on that price, SpaceX's valuation had dropped to roughly $1.52 trillion.
Why the gain is hard to pin down
Alphabet also recorded $98 billion in other income during the second quarter, which it attributed mainly to unrealized gains on equity investments. The company did not break the figure down, and it also holds stakes in Anthropic and Databricks. Anthropic raised $65 billion at a $965 billion post-money valuation in May, with Google owning about 14%, so the gain cannot be assigned to SpaceX alone.
Source: crypto.news
Trading involves risk.
Risk Disclaimer
