For most investors, earnings season is the pinnacle of each quarter. The six-week period during which most S&P 500 companies report their quarterly operating results provides invaluable information for investors.
But a strong argument can be made that quarterly Form 13F filings can be equally important. These filings detail which stocks Wall Street’s brightest money managers purchased and sold in the latest quarter. The catch is that “money managers” also includes businesses with sizable investment portfolios, such as Alphabet (GOOGL -0.08%)(GOOG -0.18%).
Image source: Getty Images.
When most investors hear the Alphabet name, they think of Google, which holds a virtual monopoly in global internet search, and Google Cloud, the world’s No. 3 cloud infrastructure service platform by total spend. But when it comes to investments, Alphabet has proven to be the Warren Buffett of Wall Street.
Google’s SpaceX investment has gone parabolic
Looking in the rearview mirror, Google acquired streaming platform YouTube in October 2006 for $1.65 billion. Today, YouTube is the second-most-visited social site on the planet, behind only Google, and as a stand-alone entity, it might fetch a valuation of $500 billion (or more).
However, Google’s investment in Elon Musk’s Space Exploration Technologies (SpaceX) (SPCX +9.65%) may give YouTube a run for its money.
Google initially invested around $900 million in SpaceX in January 2015. At the time, SpaceX was being valued at $12 billion, netting Google a roughly 7.5% stake in the company.
Following several rounds of additional financing, this initial 7.5% stake has been diluted, but to what extent remained a mystery — until now.
GOOGLE $GOOGL JUST UPDATED ITS STOCK PORTFOLIO
This is everything Google owned as of the end of Q2
SpaceX $SPCX: 551,189,500 shares
Planet Labs $PL: 35,248,893 shares
AST SpaceMobile $ASTS: 8,943,486 shares
CME Group $CME: 3,484,020 shares
ARM Holdings $ARM: 1,960,784 shares… pic.twitter.com/s1hiDUXr81— Evan (@StockMKTNewz) August 7, 2026
On Aug. 6, Alphabet filed its 13F with regulators covering its second-quarter trading activity. Given that SpaceX went public on June 12, Google’s parent company is now required to include its SpaceX holdings in its quarterly 13F.
As of the end of June, Alphabet revealed a 551,189,500-share stake in SpaceX, worth $94.18 billion, which comprised 95% of its investment portfolio. According to Alphabet’s second-quarter filing, $80 billion of this position is subject to short-term sale restrictions, with the remainder restricted through the third quarter of 2027.
Image source: Getty Images.
Alphabet has a knack for spotting deals
As of the closing bell on Aug. 7, Google’s initial investment in SpaceX has increased in value by more than 8,000% — and there’s more where this came from.
In addition to striking it rich with SpaceX, Google was an early investor in Anthropic, the developer behind the Claude large language models. Alphabet gobbled up a 10% stake in Anthropic in April 2023, pledged another $2 billion (with $500 million upfront) later that year, and announced $40 billion in add-on investments (with $10 billion upfront) in April 2026.
GOOGLE’S INVESTMENTS SHOULD BE STUDIED.
Google owns 7% of SpaceX and 14% of Anthropic, two of the biggest IPOs in history, both listing this year.
$900 million invested in SpaceX in 2015 is now worth $126 billion, a 140x return.
$13 billion invested in Anthropic is now worth… pic.twitter.com/JtF4qEyovm
— Bull Theory (@BullTheoryio) June 2, 2026
Alphabet is estimated to hold a 14% stake in Anthropic. Despite its total investment in the brainchild behind Claude adding up to less than $13 billion, Alphabet’s stake in Anthropic may be worth in excess of $120 billion.
Alphabet has a virtual monopoly on global internet search traffic, has seen Google Cloud sales go parabolic following the integration of artificial intelligence solutions, and has a cash pile that nearly all businesses would envy. But its penchant for making winning investments may be its defining trait.
