Alphabet's $94 B SpaceX Stake Swells, Fueling $112 B Reported Profit

Alphabet's first post-IPO filing on SPCX values its SpaceX position at roughly $94 billion as of June 30, 2026, built from an investment of about $1 billion made in 2015 when the launch company carried a $12 billion valuation. The disclosure makes GOOGL one of the largest outside holders of the newly public rocket maker, alongside Nvidia and Harvard's endowment.

The mark-up dominated Alphabet's second-quarter income statement. Net income rose 298% year over year to $112.1 billion and earnings per share climbed to $9.11, but the quarter included a $99.0 billion gain on equity securities that reflects unrealized appreciation on SpaceX and on a second private holding reported to be Anthropic. Stripping that mark out leaves an operating business earning a small fraction of the headline figure.

The catch is liquidity. Alphabet cannot sell a single share of the position today, and $14.1 billion of it stays locked up through the third quarter of 2027. A roughly 100-fold paper gain over a decade is a genuine return on early capital, but it is a return Alphabet cannot yet convert to cash or return to shareholders.

Harvard's endowment separately lists SpaceX as its largest single-stock holding, a sign of how concentrated post-IPO ownership has become among a handful of pre-IPO backers. For investors, the practical question is how much of Alphabet's reported profitability should be read as operating performance at all, and whether future quarters swing the other way if SPCX shares retrace before the lockups roll off.

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