Google holds $94B in SpaceX shares after IPO as lockup restrictions kick in

Back in 2015, Alphabet and Fidelity wrote a $1 billion check for roughly an 8% stake in SpaceX. Now, after SpaceX’s Nasdaq debut on June 12, 2026, that bet has turned into one of the most valuable single equity positions on Alphabet’s balance sheet. Alphabet holds approximately 4.9% of SpaceX post-IPO, a stake currently valued at around $94 billion, with $80 billion of that subject to short-term lockup restrictions that are standard for pre-IPO investors. The IPO itself rewrote the record books SpaceX priced its offering at $135 per share and raised $75 billion, making it the largest IPO in history. The stock opened at $150 on its first day of trading under the ticker SPCX and closed around $161, pushing the company’s market cap to approximately $2.1 trillion on debut day alone. For Elon Musk and other insiders, the lockup period runs 366 days, meaning the people most motivated to sell are also the ones most restricted from doing so immediately. Google and SpaceX are more intertwined than the stock position suggests The equity stake is only part of the story. SpaceX also disclosed a separate commercial agreement under which Google will pay $920 million per month to lease 110,000 Nv...