Google’s parent company, Alphabet Inc., has officially disclosed that its investment in SpaceX is now worth an estimated $94 billion, highlighting one of the most successful corporate investments in recent history.
The revelation was made in Alphabet’s second-quarter Form 10-Q filing with the U.S. Securities and Exchange Commission (SEC), marking the first time the technology giant has valued its SpaceX stake based on public market pricing following the aerospace company’s blockbuster initial public offering (IPO) in June.
According to the filing, approximately $80 billion of Alphabet’s SpaceX holdings are currently subject to short-term post-IPO lock-up restrictions, preventing the company from selling those shares immediately. Another $14.1 billion worth of shares remains under longer-term lock-up agreements that extend until the third quarter of 2027.
The disclosure provides the clearest picture yet of the enormous return Alphabet has generated from an investment it made more than a decade ago.
In January 2015, Google joined investment firm Fidelity in injecting $1 billion into Elon Musk’s privately held space exploration company. Google’s contribution was estimated to be between $500 million and $900 million, at a time when SpaceX was valued at roughly $12 billion.
The investment was widely viewed as a strategic partnership designed to support satellite-based internet services, with Google acquiring an initial ownership stake of approximately 7.5 percent in the company.
Over the following decade, SpaceX raised substantial amounts of capital to finance ambitious projects, including its rapidly expanding Starlink satellite internet network and the development of its next-generation Starship launch system. As additional funding rounds took place, Alphabet’s ownership stake was gradually diluted.
Further dilution occurred in February 2026, when SpaceX completed a major merger with Elon Musk’s artificial intelligence company, xAI, creating a combined private valuation of approximately $1.25 trillion. Following the merger and subsequent financing activities, Alphabet’s ownership reportedly declined to around 4.9 to 5 percent before SpaceX entered the public market.
For years, because SpaceX remained privately held, Alphabet recorded the investment on its balance sheet using conservative private-market valuations. Although various regulatory filings had hinted at the growing value of the investment, the latest SEC filing represents the first official public-market valuation since SpaceX’s stock market debut.
SpaceX completed its highly anticipated IPO on June 12, pricing its shares at $135 each, giving the company an initial market valuation of approximately $1.77 trillion. The public listing instantly transformed several long-term investors into holders of some of the world’s most valuable equity positions.
The lock-up restrictions disclosed by Alphabet are standard practice following major public offerings and are intended to prevent large shareholders from selling substantial amounts of stock immediately after an IPO. By limiting the number of shares entering the market, the restrictions help maintain trading stability and reduce excessive price volatility.
Alphabet’s newly disclosed $94 billion SpaceX holding underscores the remarkable growth of Elon Musk’s aerospace company over the past decade and stands as one of the most profitable strategic investments ever made by a global technology company. It also reinforces the long-term value of Google’s early investment in the commercial space industry, a sector that has evolved into one of the fastest-growing areas of technological innovation and global infrastructure.
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