Summary: Alphabet’s July 23, 2026 10-Q disclosed SpaceX stock worth $94.1 billion at quarter-end, about 6% of the company and over one hundred times the roughly $900 million invested in 2015. $80 billion carries short-term sale restrictions and $14.1 billion remains restricted through Q3 2027. Google is also a compute customer and will pay SpaceX $920 million monthly from October 2026.
Alphabet filed its Q2 10-Q for the quarter that ended June 30 on July 23, 2026. The number that matters most in the filing is not on the income statement; it sits in a footnote. At the close of the quarter, Alphabet’s SpaceX stock was worth $94.1 billion — close to 6% of the company. The Wall Street Journal covered the disclosure under the headline “Google Discloses $94.1B in SpaceX Stock, Marking 6% Stake.” With SpaceX listed on the Nasdaq since June, the position Google has carried for more than ten years is now priced by the market where anyone can see it.
The footnote carves the $94.1 billion into two pieces. Shares worth $80 billion carry short-term restrictions on sale, and a further $14.1 billion falls under long-term restrictions that run through the third quarter of 2027. Paper wealth, in short — not cash that can be taken out on demand.
An Eleven-Year Position: From $900 Million to $94.1 Billion
It began in January 2015, when Google put roughly $900 million into SpaceX at a company valuation of about $12 billion, taking a stake of some 7.5% that later funding rounds diluted to around 6% today. Eleven years on, the holding is worth more than a hundred times what Google paid — a return that outruns most legendary venture outcomes.
The return, though, is not the only thing worth noting. Before the IPO this equity sat inside Alphabet’s non-marketable equity line, the same accounting bucket that carries its investment in Anthropic and other private companies; the 10-Q puts the total carrying value of those positions at about $124.3 billion. The listing converted the largest of them from “invisible” to “marked at market,” and gave outsiders their first precise handle on Google’s real exposure to commercial space and compute capacity.
The arithmetic the disclosure implies is striking on its own: about 6% for $94.1 billion places SpaceX’s implied market value somewhere near $1.5 trillion — territory usually reserved for the largest public technology companies. A position entered when the company was valued in the tens of billions now ranks alongside Alphabet’s most important strategic assets.
Staged Unlocks: $94.1 Billion That Cannot Move Yet
SpaceX did not use the standard 180-day lockup for its listing. It releases insider shares in stages instead, and the 10-Q is concrete about Alphabet’s schedule: $80 billion of stock sits under short-term sale restrictions while $14.1 billion stays locked until the third quarter of 2027. For Alphabet that rules out any large-scale sale near-term, and the hundred-fold paper gain will not turn into realized income on the income statement any time soon.
That is good for the market, since no early mega-holder dumps shares all at once, but it is a useful corrective for anyone who treats “AI-adjacent assets” as spendable cash. What Alphabet actually holds near-term is negotiating leverage, not liquidity.
Shareholder and Customer: Bound to SpaceX Both Ways
The stake also reframes the relationship between Google and SpaceX, which reaches well past a financial investment. In June, SpaceX disclosed in an SEC filing that Google will pay $920 million per month from October 2026 through June 2029 to rent compute capacity of roughly 110,000 NVIDIA GPUs — bridging capacity for when Gemini demand outruns Google’s own data centers. Add Anthropic’s $1.25 billion monthly contract, and SpaceX’s compute rental revenue already runs about $2.17 billion a month.
Put the two threads together and the picture is mutual: Google is an early shareholder in SpaceX and a long-term compute customer, while SpaceX is the supplier Google leans on to hedge the physical limits of its own data center expansion. Equity and contract bind the two together. Cross-holdings between tech companies are nothing new, but at hundred-billion-dollar scale, neither side has an easy exit.
What This Means for the Industry
Three takeaways. First, AI infrastructure investment is now big enough to shape the financial statements of the tech giants: a single footnote moves part of Alphabet’s valuation narrative, and investors need to learn the accounting for non-marketable equity. Second, compute contracts are becoming financial instruments — binding suppliers with equity and locking capacity with multi-year deals is now standard practice for frontier labs. Third, for the cloud and startup ecosystem, multi-source compute is no longer a slogan; it is written into contracts and balance sheets, and procurement strategies that assume a single supplier are looking fragile.
For developers and product teams the practical signal is this: capital, silicon, and launch capacity are being reserved years ahead by whoever can afford them. Teams building on rented GPU capacity should expect middlemen and resellers to proliferate around these mega-contracts, and should study the terms — lockups, exit clauses, monthly minimums — as carefully as the headline rates.