SpaceX investment could bring Alphabet billions in returns
Latest filings show that Alphabet's early investment in SpaceX could bring returns in the hundreds of billions.
According to a new disclosure filed by SpaceX in Alaska this week, Google held 6.11% of Musk's company as of end-2025. In Alaska, companies must disclose shareholders with a stake of 5% or more. SpaceX hopes to conduct an initial public offering (IPO) at a valuation exceeding US$2 trillion. At US$2 trillion, that stake would be worth US$122 billion.
After SpaceX merged with Musk's AI and social media company xAI in February, Google's stake may have been diluted. Calculations show that after the transaction, Google's stake could be around 5%, worth about US$100 billion at a US$2 trillion IPO valuation.
While Google previously disclosed it held a stake in SpaceX, it did not disclose the exact size.
According to the document, Google and Musk himself—who owns about 40%—are the only entities that need to disclose their holdings, though multiple other individuals and companies are also set to gain billions from the listing.
The listing will also cement Musk's status as the world's first trillionaire and boost the personal wealth of senior executives, including President Gwynne Shotwell.
Google first invested in SpaceX in 2015, participating in a US$1 billion funding round with Fidelity Investments at a company valuation of US$10 billion, with the two jointly acquiring 10% of the company. Fidelity's current holdings are unclear, with only some funds disclosing relevant positions.
Due to equity dilution and secondary market sales, the stakes of Musk and Google have both declined over time. When SpaceX first disclosed major shareholders in Alaska in 2020, Google held 7.64% and Musk 47.11%. Venture capital firm Founders Fund then held 7.77%, the first institutional investor in SpaceX in 2008.
In December 2023, Founders Fund held 5.76% at the last disclosure, and has since fallen below the 5% disclosure threshold.
