Alphabet reports $94 billion SpaceX stake in Q2 filing

Alphabet Inc. has disclosed that its long-held investment in SpaceX is now valued at approximately $94 billion, a massive paper gain from the $1 billion it committed alongside Fidelity Investments over a decade ago. The valuation was revealed in the company's second-quarter filing with the Securities and Exchange Commission, following SpaceX's historic initial public offering on June 12, 2026. The disclosure highlights a significant, though currently illiquid, financial asset for the Google parent company.

The investment originated in January 2015, when Alphabet and Fidelity invested a combined $1 billion in SpaceX, securing a stake of just under 10% and valuing the rocket company at about $12 billion. Over subsequent years, Alphabet's ownership percentage was diluted through further fundraising rounds and corporate actions, including SpaceX's acquisition of Elon Musk's artificial intelligence firm, xAI, in February 2026. Following the IPO, Alphabet's effective stake is now between 4.9% and 6% of the company.

The $94 billion figure is an unrealized gain, as the vast majority of the stake is restricted from sale. According to the filing, about $80 billion of the holding is under...