Google’s SpaceX Investment Soars as IPO Restrictions Begin

TLDR

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Alphabet’s remaining 4.9% stake in SpaceX is valued at approximately $94 billion following the company’s Nasdaq IPO.
About $80 billion of Alphabet’s SpaceX shares are subject to standard post-IPO lockup restrictions.
Alphabet and Fidelity invested $1 billion in SpaceX in 2015 for an estimated 8% stake before later ownership changes.
SpaceX raised $75 billion in its IPO after pricing shares at $135, making it the largest IPO in history.
The stock opened at $150 and closed near $161 on its first trading day under the ticker SPCX.
SpaceX’s market capitalization reached approximately $2.1 trillion after its market debut.

Alphabet’s long-held investment in SpaceX has become one of the company’s largest equity positions after the aerospace firm completed its public listing. Following SpaceX’s Nasdaq debut on June 12, 2026, Alphabet now owns about 4.9% of the company, with the stake valued at roughly $94 billion based on the market price after trading began.

The investment traces back to 2015, when Alphabet and Fidelity invested about $1 billion for an estimated 8% ownership in SpaceX. After the public offering and changes in ownership, Alphabet’s holding declined to about 4.9%. Around $80 billion of the current value remains subject to standard lockup restrictions that limit sales by early investors for a defined period after the listing.

SpaceX IPO lifts Alphabet investment value

SpaceX priced its initial public offering at $135 per share and raised $75 billion, making it the largest IPO on record. The stock started trading under the ticker SPCX, opened at $150, and finished its first trading session near $161.

The strong market debut lifted SpaceX’s market value to about $2.1 trillion. As a result, Alphabet’s remaining stake became one of the company’s largest financial assets, although most of those shares cannot be sold until the lockup period expires.

Google SpaceX shares linked with long-term compute agreement

Apart from the equity holding, SpaceX disclosed a commercial agreement with Google covering AI computing capacity. Under the arrangement, Google will pay about $920 million each month to lease 110,000 Nvidia GPUs and related computing infrastructure from late 2026 through June 2029.

The agreement creates a separate business relationship between the two companies beyond Alphabet’s ownership stake. While Alphabet remains a shareholder, Google will also become a major customer for SpaceX’s computing services during the contract period.

A lot of posts on X will miss important context & the post can lead you into positions you don't understand.

What they fail to mention:

Alphabet aka google got in at a $12B valuation, the valuation at its peak was $2.1 Trillion, so yes they have a $94B position, but that does… https://t.co/yeEUvcUhD6

— Kyledoops (@kyledoops) July 23, 2026

Although Alphabet’s SpaceX investment is valued at about $94 billion, approximately $80 billion remains under lockup restrictions that apply to pre-IPO investors. Those restrictions generally prevent early shareholders from selling their holdings until the required waiting period ends.

Alphabet’s original investment was a relatively small part of the 2015 funding round. More than a decade later, the holding represents one of the company’s largest equity positions while remaining tied to the post-IPO lockup rules and a separate multi-year commercial agreement with SpaceX.

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