Alphabet Reveals $94 Billion Stake in SpaceX Following IPO

Alphabet, the parent company of Google, has officially disclosed a $94 billion stake in SpaceX, according to a Q2 10-Q report filed with the SEC. The filing provides the first public market valuation of Alphabet's long-held position since the rocket manufacturer's landmark initial public offering on June 12.

Filing Details

The regulatory filing breaks down the holding, revealing that the vast majority of the shares are not yet available for sale. Key details from the report include:

• A total equity value of $94 billion as of the end of the second quarter.
• $80 billion of the holding is subject to short-term post-IPO lockup restrictions.
• An additional $14.1 billion in shares is bound by a long-term lockup agreement extending through the third quarter of 2027.

These tiered lockup periods are a standard practice for major early investors, designed to prevent a sudden influx of shares into the market and promote price stability following an IPO.

A Decade-Long Bet

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Alphabet's position is the result of a strategic investment that began over a decade ago. In January 2015, Google and Fidelity collectively invested $1 billion into SpaceX when the private company was valued at approximately $12 billion. This initial investment secured Google an equity stake of around 7.5%.

Over the following years, SpaceX raised significant capital through numerous venture rounds to fund its Starlink and Starship programs. Alphabet's stake was further diluted in February 2026 when SpaceX merged with Elon Musk's artificial intelligence startup, xAI. These corporate actions reduced Google's effective equity share to approximately 4.9% to 5.0% at the time of the public listing.

Market Context

Prior to the IPO, Alphabet carried its SpaceX investment on its balance sheet at more conservative private valuation marks. The Q2 filing represents the first official accounting of the holding's value based on public market pricing. SpaceX went public on June 12, with its shares priced at $135 for an initial valuation of $1.77 trillion.

The disclosure quantifies one of the most successful venture capital investments in corporate history, turning an initial investment estimated to be between $500 million and $900 million into a multi-billion dollar holding. However, the lockup agreements mean that the full value of this stake will not be realized by Alphabet for some time.