Alphabet’s massive $94.1 billion investment in SpaceX, revealed in a recent SEC filing, has pushed SpaceX stock to the center of investor attention. This stake, valued as of June 30, contributed significantly to Alphabet’s second-quarter investment gains. The disclosure came after SpaceX’s public listing in June 2026, marking a milestone for the aerospace company.
Lock-up Periods and Stake Details
According to the filing, Alphabet holds SpaceX shares worth $94.1 billion. However, about $80 billion of this cannot be sold for an initial lock-up period, with the remainder restricted from sale until late 2027. This investment roughly represents a 6% stake in SpaceX, though Alphabet has not specified its exact ownership percentage or acquisition costs. Despite the public debut on Nasdaq, SpaceX stock has dropped 27% since the offering, raising questions about the timing of share releases and Alphabet’s long-term strategy.
Deepening Ties Beyond Ownership
Alphabet’s commitment to SpaceX goes back over a decade. Google originally invested $900 million in a 2015 funding round alongside Fidelity. Since then, the two companies have collaborated on cloud computing, satellite internet, and AI infrastructure projects. In 2021, Google Cloud partnered with SpaceX’s Starlink to provide cloud services and ground stations using Google’s data centers.
Most recently, in June 2026, Alphabet signed a deal worth about $30 billion, paying SpaceX $920 million monthly for AI computing infrastructure access. This arrangement secured Alphabet over 110,000 Nvidia GPUs through 2029. The partnership highlights Alphabet’s strategic use of SpaceX’s advanced tech capabilities to bolster its own AI ambitions.
SpaceX has also attracted investment from Tesla, which booked gains of $1 billion on its SpaceX holdings in the same quarter. Institutional interest in SpaceX is growing, but investors will be closely watching upcoming lock-up expirations and regulatory filings for signs of market impact or shifts in Alphabet’s position.
