Alphabet’s equity holdings now include a SpaceX position worth approximately $94.1 billion following SpaceX’s initial public offering in June 2026, which valued the aerospace giant at roughly $1.77 trillion. Alphabet originally invested about $900 million in SpaceX back in 2015, when the company was valued at around $12 billion.
The 2015 investment secured Alphabet a stake estimated between 7% and 7.4% of SpaceX. By the end of 2025, that ownership had diluted slightly to around 6% as SpaceX raised additional capital through subsequent funding rounds. A year before the IPO, the company was valued at approximately $400 billion. Alphabet’s reported $94.1 billion holding aligns closely with a 6% stake based on post-IPO valuations near $1.57 trillion.
In Q2 2026 alone, Alphabet recorded $99 billion in unrealized and realized gains from its equity securities, with a significant portion coming from AI-related investments, with SpaceX and Anthropic being the headline contributors. After taxes, those gains added $77.1 billion to Alphabet’s net income.
Alphabet has been playing both sides of this trade. Its investment in Anthropic, the AI safety company behind Claude, sits alongside the SpaceX position as part of a broader portfolio bet on frontier technologies.
Alphabet’s reported earnings are now heavily influenced by mark-to-market gains on equity investments. A $77.1 billion after-tax addition to net income from investment gains is inherently volatile — the same accounting rules that produce eye-popping profits when SpaceX trades up can generate equally dramatic losses if valuations retreat.
SpaceX’s $1.77 trillion IPO valuation places it among the most valuable companies on Earth from its first day of public trading. The jump from $400 billion to $1.77 trillion in roughly 12 months represents either genuine fundamental acceleration or ambitious market pricing — likely some of both.
Alphabet’s balance sheet now has meaningful exposure to SpaceX’s public market performance. Any significant correction in SpaceX shares would ripple through Alphabet’s reported financials.