Alphabet’s early investment in SpaceX has graduated from a venture-style side bet into a financial asset capable of reshaping the Google parent’s quarterly results.
The company held 551.2 million shares of SpaceX as of June 30, according to a Reuters analysis of regulatory filings. At SpaceX’s $170.86 closing price that day, the position was worth approximately $94.2 billion, roughly 105 times the $900 million Google disclosed investing in SpaceX in January 2015.
Google’s original filing described the transaction simply as an investment in the space exploration and transportation company.
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The scale is now showing up directly in Alphabet’s financial statements. The tech giant reported $99.03 billion in net gains on equity securities during Q2 2026, compared with $1.29 billion a year earlier. The company said the increase was primarily tied to unrealized gains from SpaceX and another private company. Those gains helped push other income to $97.98 billion for the quarter.
SpaceX went public in June at $135 per share under ticker SPCX, making Alphabet’s once-private investment significantly easier for investors to value.
Reuters identified Alphabet as the largest disclosed institutional SpaceX shareholder, ahead of Fidelity Investments at 302.6 million shares and Gigafund Management at 171.8 million. Elon Musk separately retained a 48.4% stake.
SpaceX has since fallen from its June 30 level. At Thursday’s $141.29 close, Alphabet’s 551.2 million shares would be worth approximately $77.9 billion, still about 86.5 times the original $900 million investment benchmark.
