Google first entered the space sector in 2015, joining Fidelity Investments in a $1 billion funding round that valued SpaceX at approximately $12 billion. While subsequent fundraising rounds and the 2026 acquisition of Elon Musk’s xAI diluted Alphabet’s initial ownership percentage, the massive appreciation of the company’s valuation more than offset the reduction in equity.
The filing reveals that Alphabet’s holding is split between $80 billion in shares subject to immediate lockup restrictions and an additional $14.1 billion tied to longer-term constraints expiring in 2027. These limitations prevent the company from liquidating its position, forcing it to absorb the volatility of the stock since its June debut on the Nasdaq under the ticker SPCX.
Following an initial post-IPO rally that pushed shares above $225, the stock has faced downward pressure, recently trading at $112.88—roughly 16% below its $135 offering price. This decline has trimmed the paper value of Alphabet’s investment, which is part of a broader portfolio that includes stakes in Anthropic and Databricks. While Alphabet reported $98 billion in other income for the second quarter, the company did not specify the exact contribution of each individual holding to that total gain.
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