Alphabet’s decade-old bet on Elon Musk’s SpaceX has swelled into a $94.1bn stake, according to the Google owner’s latest quarterly filing, following the rocket company’s blockbuster stock-market listing.
The holding, revealed in Alphabet’s second-quarter 10-Q, shows the tech giant controls roughly 6% of the newly listed SpaceX – the clearest public valuation yet of an investment that had previously been marked using private-market estimates.
Alphabet broke down its exposure into about $80bn of SpaceX shares covered by short-term sale restrictions, with a further $14.1bn locked up under longer constraints that run until the third quarter of 2027. Those lockups mean Alphabet remains exposed to swings in the SPCX share price until the restrictions lapse.
From $1bn funding round to multi-billion dollar stake
Google first built its SpaceX position in January 2015, teaming up with Fidelity Investments in a $1bn funding round for the then-private company. The two investors together secured just under 10% of SpaceX, backing projects in space transportation, reusable rockets and satellite production.
That deal valued SpaceX at about $12bn. Contemporary reports suggested Google’s share of the round was between $500m and $900m, with estimates indicating an initial stake of roughly 7.5%. SpaceX’s subsequent fundraising diluted that percentage as new shares were issued, trimming Alphabet’s ownership over time.
Despite the dilution, SpaceX’s surging valuation meant the dollar value of Alphabet’s holding rose sharply. Fresh capital was channelled into expanding the Starlink satellite constellation, advancing the Starship launch system and scaling up reusable-rocket operations.
xAI acquisition sets up trillion‐dollar valuation
A pivotal moment came in February 2026 when SpaceX acquired Musk’s artificial intelligence firm xAI. Crypto.news earlier reported that the deal implied a $1tn valuation for SpaceX and $250bn for xAI, creating a combined enterprise worth around $1.25tn ahead of the eventual stock-market debut.
Under the transaction, xAI became a wholly owned subsidiary of SpaceX while retaining a degree of legal separation from its parent. The structure was designed to let investors defer capital-gains taxes and to limit the risk that any debts or legal issues at xAI would directly spill over to SpaceX.
Market debut and shifting valuation
SpaceX went public on Nasdaq on 12 June, pricing its initial public offering at $135 per share and trading under the ticker SPCX. The company sold about 555.6 million shares, targeting proceeds of roughly $75bn and an opening valuation in the region of $1.75tn, according to amended offering documents.
Early backers such as Alphabet were largely unable to sell immediately because of post-IPO lockups. The restrictions outlined in Alphabet’s filing keep most of its shares off the market for now, leaving the company’s paper gains dependent on how SPCX trades.
The listing nonetheless allowed Alphabet to replace cautious private valuations with a mark based on a liquid public market. Earlier reports, after years of capital raises and adjustments linked to the xAI deal, had suggested Alphabet’s effective holding had slipped to about 5%. The latest regulatory disclosure now puts that figure closer to 6%.
Other equity gains and AI exposure
Alphabet also booked $98bn in other income in the second quarter, which it attributed mainly to unrealised gains on equity investments. The company did not break down contributions from individual holdings, but it owns stakes in SpaceX, Anthropic and Databricks.
Alphabet’s position in Anthropic has also appreciated significantly. In May, Anthropic said it had raised $65bn at a post-money valuation of $965bn, while previous filings indicated Google’s ownership in the AI firm was about 14%. Any uplift from Anthropic or Databricks means the full $98bn gain cannot be credited solely to SpaceX.
SpaceX shares retreat from post‐IPO peak
Since the June flotation, SpaceX’s share price has retreated from early highs. SPCX closed at $112.88 on 23 July, around 16% below its $135 IPO price, despite Tesla’s second-quarter results and plans for another Starship launch attempt.
That drop followed an initial surge that had taken the stock above $225 soon after listing. Based on the 23 July close, SpaceX’s market value stood at roughly $1.52tn, leaving Alphabet’s disclosed stake subject to further paper gains or losses while its shares remain locked.
Musk’s other listed company also remained in focus for investors. Tesla reported that it kept its 11,509 Bitcoin holding unchanged during the second quarter, while booking a $112m after-tax loss on digital assets. With Bitcoin trading near $65,840 after Tesla’s earnings release, that reserve was valued at about $758m.
For Alphabet, the SpaceX disclosure finally pins a firm public number on one of its longest-held private bets. A position started in the 2015 financing round now carries a market value of $94.1bn on paper – even after SPCX surrendered its initial post-IPO rally.
