Key facts
- Alphabet disclosed a $94 billion stake in SpaceX in its latest SEC filing.
- The investment began in 2015, with Alphabet initially acquiring a 7.5% stake.
- SpaceX merged with xAI in February 2026, valued at $1.25 trillion.
- SpaceX is reportedly preparing for an IPO with a potential valuation of $1.75 trillion.
- Alphabet reported $98 billion in 'other income' in Q2, largely from unrealized investment gains.
Alphabet, the parent company of Google, has disclosed a significant investment in Elon Musk's SpaceX, revealing a stake valued at $94 billion in its latest SEC filing. This holding, which began with a $1 billion investment in 2015 where Google contributed an estimated $500 million to $900 million for an initial 7.5% stake, is considered a major hidden asset for Alphabet.
SpaceX, which merged with Musk's artificial intelligence startup xAI in February 2026 at a $1.25 trillion valuation, is reportedly preparing for a confidential IPO filing. The potential public offering, anticipated for June 2026, could value the company at $1.75 trillion, potentially becoming the largest IPO in history.
Elon Musk maintains control over SpaceX through a dual-class share structure, holding approximately 42-43% of the equity but 78-79% of the voting power. Other notable investors include Fidelity Investments, whose Contrafund held about $2.7 billion in SpaceX shares as of early 2025. Alphabet's filing also indicated $98 billion in 'other income' for the second quarter, largely attributed to unrealized gains on investments such as SpaceX, Anthropic, and Databricks.
Alphabet's investment process started in January 2015, with SpaceX valued at approximately $12 billion at that time. The company plans to use funds to expand its Starlink satellite network and advance its Starship program. Following the merger and other equity adjustments, Alphabet's effective ownership stake was approximately 4.9% to 5% prior to SpaceX going public.