From $900 million to $94 billion

Alphabet invested approximately $900 million in SpaceX in 2015. By the end of June 2026, regulatory filings showed that it owned 551.2 million shares in the company, worth approximately $94.2 billion at a price of $170.86 per share. Following SpaceX’s June IPO, valued at $86 billion, Google’s parent company became the firm’s largest institutional shareholder. At Thursday’s closing price of $141.29, Alphabet’s disclosed position was worth approximately $77.9 billion, still around 86.5 times its original investment.

A large share of the stock is held by a handful of investors

Alphabet was followed by Fidelity Investments with 302.6 million shares, Gigafund Management with 171.8 million, Baillie Gifford with 51.4 million and BlackRock with 51 million shares. Together, these five largest institutional holders accounted for nearly three-quarters of the shares. Saudi Arabia’s Public Investment Fund also reported 154.1 million shares worth $26.3 billion, while Hancock Prospecting owned 8 million shares valued at approximately $1.4 billion. Elon Musk himself held a 48.4% stake in SpaceX, according to a separate regulatory filing. However, 13F filings only reflect holdings as of the end of June and do not capture subsequent transactions or indicate which positions investors already held before the IPO.

Further developments will reveal the behavior of both large and retail investors

SpaceX went public on June 12 at $135 per share and closed at $140 on Friday, August 16. That represents a 3.7% increase from the IPO price, but also a 13.58% decline compared with the beginning of July. According to Steve Sosnick of Interactive Brokers, the stock remains highly sought after among the platform’s clients. Data from Vanda Research, however, showed that retail investors became net sellers on Friday for the first time since the company’s market debut, selling $4.5 million worth of shares. Going forward, it will therefore be important to monitor not only the share price itself, but also the reactions of major and early shareholders once selling restrictions are lifted.

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