Investing.com — In an SEC filing today, Google parent company Alphabet officially revealed the staggering magnitude of its decade-long bet on SpaceX following the rocket manufacturer’s record-breaking public market debut: $94 billion.
According to Alphabet’s Q2 10-Q report, the vast majority of the equity holding—$80 billion—is bound by short-term post-IPO lockup restrictions that temporarily prevent selling. An additional $14.1 billion in shares is subject to long-term lockups extending through the third quarter of 2027.
The quarterly filing marks the first time Alphabet has officially marked its SpaceX equity to public market prices since SpaceX completed its initial public offering on June 12.
Google’s $94 billion mark represents one of the most lucrative strategic investments in corporate history. Here is how the position built over time:
In January 2015, Google partnered with Fidelity to inject $1 billion into Elon Musk’s private space venture, with Google contributing roughly $500 million to $900 million. At the time, SpaceX was valued at roughly $12 billion—a fraction of its current capitalization—and the investment was framed as a strategic play to support satellite-based internet infrastructure. Google secured an initial equity stake of approximately 7.5%.
Over the subsequent decade, SpaceX raised dozens of venture rounds to fund its Starlink constellation and Starship development program. Further equity dilution occurred in February 2026, when SpaceX completed a mega-merger absorbing Musk’s artificial intelligence startup, xAI, at a combined private valuation of $1.25 trillion. These corporate actions brought Google’s effective equity share down to approximately 4.9% to 5.0% by the time of the public listing.
Because SpaceX remained closely held for over two decades, Alphabet carried the asset on its balance sheet under conservative private valuation marks. While state regulatory disclosures hinted at the position’s growth, today’s 10-Q filing serves as the first official public accounting of the holding post-listing.
The tiered restrictions—$80 billion bound by short-term lockups and $14.1 billion held until late 2027—are designed to prevent flooding the market with excess float. Following SpaceX’s June listing, which priced at $135 per share for a $1.77 trillion initial valuation, major institutional backers like Alphabet, Fidelity, and venture funds remain subject to customary lockup agreements to preserve trading stability.
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