GOOG
A filing with main-character energy
Sometimes the most interesting thing in a company’s life shows up in the dullest possible place. In this case, a routine Alaska filing quietly revealed that Google LLC, Alphabet’s operating arm, held 6.11% of SpaceX at the end of 2025.
That’s a pretty wild sentence to attach to a company best known for ads, Android, and Gemini prompts. But here we are: Alphabet may have a giant, mostly hidden ticket to one of the most valuable private companies on Earth.
The old bet that’s suddenly looking very shiny
This stake traces back to a 2015 investment, when Google and Fidelity reportedly put about $1 billion into SpaceX at a valuation around $12 billion. Fast-forward a decade, and the rocket company’s valuation has gone full “my old startup idea just became a moonshot.”
Why investors care:
- If SpaceX keeps climbing in private markets, Alphabet’s stake becomes a bigger and bigger side quest with serious upside.
- If SpaceX ever IPOs near the kind of trillion-plus valuation people whisper about, Alphabet could book a very chunky windfall.
- That’s extra balance-sheet optionality for a company already packed with cash and core businesses.
IPO whispers are doing the heavy lifting
SpaceX hasn’t announced a listing date, so don’t start refreshing your brokerage app just yet. Still, the filing adds fuel to the idea that an eventual IPO could be one of the biggest ever — and that Alphabet’s early bet might turn into one of its most lucrative non-core assets.
Big picture: Alphabet is reminding the market that sometimes the most valuable part of a giant tech company isn’t the thing you use every day — it’s the weird little side bet nobody talked about for 10 years.