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Alphabet’s early investment in SpaceX has delivered extraordinary returns, with the Google parent’s stake valued at roughly $94.2 billion at the end of June. The company originally invested $900 million in Elon Musk’s rocket venture in 2015, meaning the investment had increased more than 100-fold.
Following SpaceX’s $86 billion initial public offering in June, Alphabet emerged as the largest reported institutional shareholder, according to a Reuters analysis of quarterly regulatory filings.
Alphabet held approximately 551.2 million SpaceX shares at the end of the second quarter. Based on SpaceX’s June 30 closing price of $170.86, the position was worth about $94.2 billion. At Thursday’s closing price of $141.29, the stake would be valued at approximately $77.9 billion, or about 86.5 times Alphabet’s original investment.
Other major SpaceX investors disclosed significant holdings following the IPO. Fidelity Investments reported 302.6 million shares, while Gigafund Management held 171.8 million. Baillie Gifford and BlackRock reported 51.4 million and 51 million shares, respectively.
Saudi Arabia’s Public Investment Fund disclosed 154.1 million SpaceX shares worth approximately $26.3 billion at the end of June. Hancock Prospecting reported 8 million shares, while Brookfield held 19.2 million. Tiger Global Management and Balyasny Asset Management also disclosed smaller SpaceX positions.
Alphabet, Fidelity, Gigafund, Baillie Gifford and BlackRock collectively represented nearly three-quarters of the reported SpaceX institutional shares. Meanwhile, a separate regulatory filing showed Musk retained a 48.4% ownership stake.
SpaceX launched its IPO on June 12 at $135 per share. Despite retreating 17.3% from its June 30 level, the stock closed Thursday at $141.29, still 4.7% above its IPO price.
Retail investor sentiment has also shifted. Vanda Research reported that individual investors became net sellers of SpaceX shares for the first time since the IPO, selling a net $4.5 million on Friday. However, SpaceX stock has climbed about 30% since August 5, highlighting continued investor interest in one of the market’s most closely watched newly public companies.
