Alphabet has disclosed that its SpaceX investment was worth about $94.1 billion at the end of the second quarter. The holding places the Google parent among SpaceX’s largest outside shareholders.
The disclosure followed SpaceX’s June listing on NASDAQ. The filing also explains how market gains lifted Alphabet’s profit without adding cash to its accounts. Alphabet cannot currently sell any part of the position because all shares remain under short-term or long-term trading restrictions.
Alphabet’s quarterly filing shows that about $80 billion of SpaceX shares carry ‘short-term restrictions on the ability to sell.’ Another $14.1 billion remains restricted through the third quarter of 2027. Together, the two groups cover the full reported position.
The investment dates back to January 2015, when Google and Fidelity invested a combined $1 billion in SpaceX. They received a stake of just under 10% at the time. Later funding rounds and SpaceX’s public offering reduced Alphabet’s ownership percentage through dilution.
The filing gives the stake’s dollar value but does not provide an ownership percentage. Published estimates range from about 4% to 6%, based on valuation and share-count methods. SpaceX stock has since fallen below its $135 IPO price, so Alphabet’s position is now worth less than its reported June 30 value.
Alphabet recorded a $99 billion gain on equity securities during the quarter. The company said the increase mainly came from unrealized gains tied to SpaceX and another private company investment. Media reports have identified that second company as AI developer Anthropic.
Alphabet’s net income rose to $112.1 billion, while earnings reached $9.11 per share. Revenue increased 24% from a year earlier to $119.8 billion. Google Cloud revenue rose 82% to $24.8 billion during the same period.
Still, the equity gain did not provide cash for Alphabet’s daily operations or investment plans. The company adjusted the value of the holdings on its balance sheet without selling the shares. Future price changes can raise or lower the reported value.
Meanwhile, Alphabet reported negative free cash flow of $5.9 billion. It also raised its 2026 capital spending forecast to between $195 billion and $205 billion. The spending will mainly support data centers, servers, networking equipment and other AI infrastructure.
SpaceX priced its initial public offering at $135 per share and began trading under the SPCX ticker on June 12. The company later confirmed that the offering raised about $85.7 billion after underwriters exercised their option for additional shares.
SpaceX plans to publish its first quarterly results as a public company after the market closes on August 4. Its lock-up schedule starts releasing some restricted shares on August 6, two full trading days after the earnings report.
Alphabet has not announced plans to sell its shares when the first restrictions expire. A separate $14.1 billion group will stay restricted through September 2027, limiting how much of the position Alphabet can convert into cash. SpaceX shares recently traded near $112, below both the IPO price and their June peak.
This decline lowers the market value of Alphabet’s holding. Later quarterly filings will record changes based on SpaceX’s share price and any shares that Alphabet sells after the restrictions end.
Also Read: SpaceX Stock Falls Below IPO Price as Major Share Unlocks Approach