Alphabet's early investment in SpaceX has turned into one of the most valuable stakes in Silicon Valley history. The Google parent disclosed a holding worth about $94 billion at the end of June, a massive jump from the $900 million it invested in Elon Musk's rocket company back in 2015.
Alphabet has now emerged as the largest single institutional shareholder in SpaceX, according to Reuters analysis. This comes months after SpaceX's $86 billion initial public offering in June.
The Numbers Behind The Windfall
At the end of the second quarter of 2026, Alphabet held 551.2 million SpaceX shares, valued at roughly $94.2 billion based on SpaceX's June 30 share price of $170.86. That values its original 2015 investment at more than 100 times its worth.
1 August 2026
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The stock has since cooled off. At Wednesday's price, Alphabet's stake would be worth about $81.8 billion, still close to 90 times its original bet, Reuters reported.
Alphabet is not the only large institutional investor in SpaceX. Gigafund Management holds the second-largest stake, with 171.8 million shares. It is followed by Baillie Gifford with 51.4 million shares, BlackRock with 51 million shares, and Ontario Teachers' Pension Plan with 50.7 million shares.
Together, these five investors account for the bulk of SpaceX shares reported so far in 13F filings, pointing to a high concentration of institutional ownership among a small group of backers.
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SpaceX went public on June 12 at $135 a share. Its stock has pulled back since peaking at the end of June. Shares closed at $146.15 on Wednesday, 8.3% above the IPO price but 14% below the June 30 closing level.
The disclosures offer a rare look at how large SpaceX's early backers' positions have grown as the company shifted from a private startup to a publicly listed giant. Alongside other disclosures on early investments, including Alphabet's, they underline how sharply the value of some early SpaceX bets has risen.
The report noted that since 13F filings are released quarterly, within six weeks of quarter-end, the data does not capture any buying or selling these investors may have done after June 30. The report also flagged other limitations, given the wide range of SpaceX investors and the differing timelines for when their shares become eligible for sale in public markets.
