Google Discloses $94B SpaceX Stake After Blockbuster IPO

Alphabet's Google disclosed in its latest quarterly filing that it holds roughly $94.1 billion in SpaceX shares following the rocket company's record-setting IPO. The stake stems from a 2015 investment that has grown into one of the largest single equity positions on Alphabet's balance sheet.

The disclosure

According to the 10-Q, Google's SpaceX position is worth about $94.1 billion after the company's Nasdaq debut. Of that, $80 billion is under short-term post-IPO sale restrictions, and another $14.1 billion is locked up through the third quarter of 2027.

The filing marks the first time Alphabet has marked its SpaceX equity to public market prices since the June 12 listing.

How Google got here

Back in 2015, Alphabet and Fidelity put roughly $1 billion into SpaceX at a valuation near $12 billion, with Google taking around a 7.5% stake at the time. A decade of dilution, including the February 2026 xAI merger, brought Google's effective share down to roughly 4.9%–5.0% by IPO day.

SpaceX priced its offering at $135 per share and raised about $75 billion, making it the largest IPO in Nasdaq's history. Shares opened around $150 and closed near $161, pushing the market cap to roughly $2.1 trillion on debut.

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Why the paper gain is not spendable

Most of the position is frozen. Standard IPO lockups keep $80 billion off the table in the near term, and the remaining $14.1 billion stays restricted into Q3 2027.

The SpaceX mark contributed meaningfully to Alphabet's GAAP EPS of $9.11 in Q2, but adjusted EPS came in at $2.85 once unrealized gains were stripped out. The market focused instead on Alphabet's $44.9 billion quarterly AI capex, with shares closing down about 1.2% on the report.

The two-way tie between Google and SpaceX

Alphabet holds tens of billions in SpaceX equity while reportedly paying SpaceX close to $1 billion a month for compute access. That entangles the two companies in ways that go beyond a passive investment line item.

For SpaceX, it is a high-margin recurring revenue stream sitting alongside the launch and Starlink businesses. For Google, it is GPU capacity it evidently cannot source fast enough elsewhere.

Options market and stocks to watch

Traders may want to keep an eye on a few names tied to this disclosure:

• GOOGL: watch for how investors weigh the SpaceX mark against rising AI capex and the timing of any future lockup expirations.
• SPCX: watch for post-IPO flow, lockup calendars, and how the stock trades around insider restriction milestones.
• TSLA: watch for spillover sentiment given the Musk connection and the read-across on private-market valuations.
• NVDA: watch for signal on GPU demand, given Google's reported multi-billion compute deal with SpaceX.

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