Alphabet has disclosed a $94.1 billion stake in Elon Musk's SpaceX, more than a decade after Google first joined a $1 billion funding round for the rocket company alongside Fidelity Investments.

According to Alphabet's second-quarter 10-Q filing, the Google parent owns roughly 6% of the newly public company, providing the clearest public measure of an investment previously valued using private-market estimates. The disclosure divides the holding into approximately $80 billion of shares subject to short-term sale restrictions and another $14.1 billion under longer restrictions extending through the third quarter of 2027. Because public companies must carry equity securities at fair value each reporting period, SPCX price movements will flow directly through Alphabet's income statement in future quarters.

Origins of the Investment

Google began building its position in January 2015, partnering with Fidelity Investments in a $1 billion financing round for SpaceX. The two investors received a combined stake of just under 10%, with the funding earmarked for space transportation, reusable rockets, and satellite manufacturing.

At the time, the deal valued SpaceX at approximately $12 billion. Reports placed Google's individual contribution between $500 million and $900 million, with estimates suggesting the company initially controlled about 7.5% of SpaceX. That ownership percentage declined over subsequent years as the rocket maker issued additional shares during later fundraising rounds. The gap between Google's initial outlay and the $94.1 billion paper value now disclosed marks one of the largest known returns on a single corporate venture investment.

Despite the dilution, SpaceX's surging valuation pushed the dollar value of Google's holding dramatically higher. SpaceX deployed later financing rounds to expand its Starlink satellite network, develop the Starship launch system, and scale its reusable-rocket operations.

The xAI Acquisition

A significant structural change occurred in February 2026, when SpaceX acquired Musk's artificial intelligence company xAI. As crypto.news previously reported, the transaction valued SpaceX at $1 trillion and xAI at $250 billion, creating a combined entity worth $1.25 trillion ahead of the stock-market listing.

Under the deal's terms, xAI became a wholly owned SpaceX subsidiary while maintaining some legal separation from the parent company. The arrangement enabled investors to defer capital-gains taxes and reduced the risk that xAI's debts or legal disputes would directly impact SpaceX.

IPO and Lockup Restrictions

SpaceX priced its initial public offering at $135 per share before trading began on Nasdaq under the SPCX ticker on June 12. The company sold approximately 555.6 million shares, targeting roughly $75 billion in proceeds, which gave it an initial valuation of around $1.75 trillion according to its amended offering documents.

Alphabet and other early shareholders were unable to sell most of their holdings immediately following the debut. The lockup restrictions outlined in Alphabet's quarterly filing—standard practice in IPOs designed to prevent early investors from flooding the market with shares—leave the company exposed to fluctuations in SPCX's market price until the applicable periods lapse.

The listing nonetheless allowed Alphabet to replace conservative private-company estimates with a valuation grounded in publicly traded shares. Prior to the IPO, reports had placed Alphabet's effective ownership near 5% following years of financing rounds and adjustments tied to the xAI transaction. The latest filing puts the stake closer to 6%.

Broader Portfolio Gains

Alphabet also recorded $98 billion in other income during the second quarter, which the company attributed primarily to unrealized gains on equity investments. Alphabet did not specify how much of that figure came from each individual holding, but the company holds stakes in SpaceX, Anthropic, and Databricks. The portfolio positions Alphabet as an investor in two competing AI developers: Anthropic and SpaceX subsidiary xAI.

Its Anthropic investment has appreciated notably. Anthropic announced in May that it had raised $65 billion at a $965 billion post-money valuation, while earlier filings placed Google's ownership of the AI company at approximately 14%. Given the contributions from Anthropic and Databricks, the entire $98 billion gain cannot be attributed solely to SpaceX.

SPCX Decline Erodes Paper Gains

SpaceX's public-market performance has softened since its June listing. SPCX fell to $112.88 on July 23, leaving the stock roughly 16% below its $135 IPO price, even amid Tesla's second-quarter results and another planned Starship launch attempt.

The pullback followed a steep post-listing rally that propelled SpaceX shares above $225. Based on the July 23 market price, the company's valuation had declined to approximately $1.52 trillion. Alphabet's disclosed holding therefore remains exposed to further paper gains or losses while its shares remain locked. The $94.1 billion figure reflects the June 30 quarter-end valuation in the filing; subsequent price moves will be captured in Alphabet's third-quarter results.

Separately, Musk's other publicly traded company attracted additional investor attention. Tesla reported that it kept its 11,509 Bitcoin reserve unchanged during the second quarter while recording a $112 million after-tax loss on digital assets. At a Bitcoin price near $65,840 following Tesla's earnings release, the reserve was valued at approximately $758 million.

For Alphabet, however, the SpaceX filing has established a concrete public figure for one of its longest-held private investments. A position initiated through the 2015 financing round is now valued at $94.1 billion on paper, even after SPCX surrendered its early post-IPO gains.