Alphabet’s early SpaceX bet could be worth $100B ahead of IPO

Google's parent company, Alphabet, could be sitting on a roughly $100 billion windfall from its early investment in SpaceX, according to a new filing that sheds light on the size of Google’s stake in Elon Musk’s rocket company ahead of its planned stock market debut.

Google LLC owned a 6.11% stake in SpaceX at the end of 2025, according to a disclosure filed in the US state of Alaska earlier this week, where companies must report holders with stakes of 5% or more.

Based on a potential $2 trillion valuation that SpaceX is seeking to exceed in its initial public offering, the holding would be worth around $122 billion.

The stake has likely been diluted since SpaceX’s merger with xAI in February, leaving Google with roughly 5% of the company. At the same $2 trillion valuation, the stake would still be worth about $100 billion.

The filing marks the first public disclosure of the precise size of Google’s SpaceX holding, although Alphabet had previously acknowledged investment in the company.

Musk, who is estimated to own 40% of SpaceX, and Google were the only entities required to disclose stakes in the filing.

SpaceX has filed confidentially for an initial public offering (IPO) and is targeting a June listing. The company is expected to raise as much as $75 billion in what could become the largest IPO on record.