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 Nvidia GPUs and associated compute capacity from late 2026 through June 2029.

In plain terms: Google is renting SpaceX’s AI computing infrastructure at nearly $1 billion a month. That is a multi-year, multi-billion-dollar operational dependency that ties Google’s AI ambitions directly to SpaceX’s hardware stack.

Alphabet holds billions in SpaceX equity while simultaneously paying SpaceX billions in service fees. SpaceX gets a high-margin recurring revenue stream that looks nothing like the volatile launch business. Google gets access to GPU compute it apparently cannot source fast enough through conventional channels.

What this means for crypto and tech investors watching from the sidelines

For Alphabet shareholders specifically, the SpaceX position is now a material line item. A $94 billion equity stake in a single company is not a rounding error on any balance sheet.

Google is paying SpaceX nearly $1 billion a month for compute access, which gives SpaceX an enormous amount of leverage in any future negotiation.

Alphabet’s original $1 billion investment in 2015 was a small line in a funding round. Eleven years later, it is one of the defining equity positions in the company’s portfolio, locked up, enormous, and tied to a counterparty that is also its landlord for AI infrastructure.