Google’s parent company, Alphabet, has disclosed the value of its enormous investment in Elon Musk’s SpaceX. According to its latest regulatory filing, the technology giant’s stake in the aerospace company is now worth around $94 billion.
Alphabet Discloses Its SpaceX Stake
Alphabet revealed the investment in its second-quarter 10-Q filing with the US Securities and Exchange Commission.
This marked the first time Alphabet had formally valued its SpaceX holdings since the aerospace company went public on June 12.
According to the filing, approximately $80 billion of Alphabet’s SpaceX shares are subject to short-term selling restrictions. A further $14.1 billion remains under longer-term lock-up conditions.
These restrictions are expected to remain in place until the third quarter of 2027. As a result, Alphabet cannot immediately sell most of its position.
Google First Invested in SpaceX in 2015
Google’s relationship with SpaceX began in January 2015.
At the time, Google partnered with Fidelity to invest a combined $1 billion in the private space company. Google’s share of that investment was estimated at between $500 million and $900 million.
SpaceX was valued at approximately $12 billion during that funding round. Google was particularly interested in the company’s plans to develop a global satellite internet network.
The investment reportedly gave Google an initial ownership stake of around 7.5%.
SpaceX Expanded Starlink and Starship
Over the following decade, SpaceX completed several additional funding rounds.
The company used the capital to expand Starlink, its satellite internet service. It also continued developing Starship, the reusable spacecraft designed for missions to the Moon, Mars and beyond.
SpaceX also underwent major corporate changes. In February 2026, the company reportedly completed a merger with Elon Musk’s artificial intelligence business, xAI.
The combined company received an estimated private valuation of $1.25 trillion.
Following the merger and other equity adjustments, Alphabet’s effective ownership position reportedly declined to between 4.9% and 5% before SpaceX entered the public market.
Alphabet’s Investment Grew Quietly
For many years, SpaceX remained a privately held company. Therefore, Alphabet valued its investment using conservative estimates based on private funding rounds.
Previous regulatory documents offered limited details about the stake. However, Alphabet’s latest filing provides one of the clearest indications of how much the investment has increased in value.
The disclosure shows that Alphabet’s early SpaceX investment has become one of the company’s most valuable strategic holdings.
Alphabet Records Major Gains Following SpaceX IPO
SpaceX shares reportedly began trading at $135 each when the company completed its public listing in June.
The initial valuation of the business was estimated at $1.77 trillion.
However, major early investors, including Alphabet, Fidelity and several venture capital funds, were prevented from immediately selling their shares because of lock-up restrictions.
Alphabet also reported approximately $98 billion in “other income” during the second quarter. The company said the figure largely reflected unrealized gains from its investment portfolio.
Alphabet did not provide a detailed breakdown of those gains. Nevertheless, a large portion is believed to be connected to investments in private and recently listed companies such as SpaceX, Anthropic and Databricks.
Alphabet Also Holds a Major Anthropic Stake
In addition to SpaceX, Alphabet is one of the largest investors in artificial intelligence company Anthropic.
Recent filings indicated that Alphabet owned approximately 14% of Anthropic as of March.
Following a reported $65 billion funding round in May, Anthropic’s valuation increased to almost $1 trillion. Some estimates have placed its value closer to $1.2 trillion.
Alphabet’s investments in SpaceX and Anthropic highlight the company’s growing exposure to aerospace technology and artificial intelligence.
SpaceX Becomes One of Alphabet’s Biggest Investment Wins
Alphabet’s original investment in SpaceX has developed into one of the largest unrealized gains held on a corporate balance sheet.
What began as an investment of several hundred million dollars is now reportedly worth around $94 billion.
Although selling restrictions prevent Alphabet from immediately realizing the full gain, the position represents a major financial success for Google’s parent company.
