Google disclosed a $94 billion SpaceX stake — and almost all of it is locked up

Alphabet $GOOGL's Google disclosed in a quarterly filing on Thursday that it holds $94.1 billion in SpaceX stock, representing a roughly 6% stake in the recently public company. Of that total, $80 billion in SpaceX stock is subject to short-term restrictions on the ability to sell, and $14.

1 billion is subject to long-term restrictions through the third quarter of 2027, according to The Wall Street Journal. Lock-up arrangements of this kind are a standard condition placed on investors who receive shares in connection with a company's IPO. The filing listed the SpaceX stake among Google's non-marketable equity securities, which had a carrying value of $124.

3 billion as of June 30, 2026, and noted the investments primarily consist of a holding in a private company. The filing also disclosed that $87.9 billion of those non-marketable equity securities were remeasured at fair value during the second quarter.

SpaceX stock recently traded at $112.13, giving the company a market capitalization of roughly $1.52 trillion.

Based on that valuation, Google's stake amounts to approximately 6%. SpaceX debuted on the Nasdaq $NDAQ under the ticker SPCX on June 12, pricing at $135 per share. Shares surged 19% in their debut session, pushing SpaceX's market capitalization as high as $2.

1 trillion at the peak.On the landmark listings, SpaceX's $86.2 billion offering — after the exercise of the underwriters' greenshoe — surpassed every previous IPO in history, according to Nasdaq.

Google and SpaceX have a longer relationship than the IPO alone. In May, the two companies were in discussions about a rocket-launch deal to help develop orbital data centers, according to the Wall Street Journal. Google's pursuit of orbital data centers is tied to its broader AI ambitions, and SpaceX Chief Executive Elon Musk has signaled his own interest in the concept.

The unrealized gains on the SpaceX stake and a separate private company investment drove a large portion of Google's second-quarter financial results. The filing noted that other income of $98 billion for the quarter was primarily related to unrealized gains in its equity securities portfolio from SpaceX and a private company.