Alphabet reveals $94 billion SpaceX stake after IPO

The Google parent recorded nearly $100 billion in investment gains during the second quarter as SpaceX’s public listing increased the value of its early stake.

Alphabet’s Google holds $94.1 billion in SpaceX shares following the space and artificial intelligence company’s blockbuster initial public offering.

Google was an early investor in SpaceX and now holds an estimated 6% stake in the company. Alphabet disclosed the value of the position in a quarterly filing published Thursday.

Of the total holdings, $80 billion in SpaceX shares remain subject to short term sale restrictions. Another $14.1 billion is covered by longer restrictions that will remain in place through the third quarter of 2027. Such restrictions commonly prevent early investors from selling shares immediately following an IPO.

SpaceX went public in June through the largest listing in Nasdaq’s history. Its shares initially rose to $135 on their first trading day, valuing the company at about $2.1 trillion.

The increased value of Alphabet’s equity portfolio contributed to a $98 billion net unrealized gain during the second quarter, significantly boosting the company’s reported net income.

Those gains, however, have come as SpaceX shares retreat from their recent peak. The stock was trading near $112 on Thursday, down about 2.6% on the day and roughly 50% below its all time high of $225.64 reached in mid June. Alphabet shares also fell nearly 8% after the company released its quarterly earnings on Wednesday.

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