A $900 million investment that Google made in 2015 in SpaceX — then still dismissed by many as a moonshot — is now worth roughly $94 billion, a roughly hundred-fold return in a decade, new regulatory filings show.
Alphabet, Google's parent company, disclosed in a filing a SpaceX stake of about $94.1 billion, equal to roughly 6% to 7.5% of the aerospace company. Most of it — about $80 billion — remains tied up in near-term lockup agreements linked to the June IPO. Analysts estimate the position now accounts for about 95% of Alphabet's entire "other investments" portfolio.
The original $900 million check, which bought roughly 7.5% of SpaceX in 2015, was seen at the time as a gamble on a company that had yet to turn a profit on a single orbital launch. A decade later, the bet has become one of the most successful investments in tech history: SpaceX went public in June 2026 and crossed a $2 trillion valuation within days.
The disclosure lands in a week when other big investors' SpaceX positions also became visible: Tiger Global cut stakes in Big Tech and bought into SpaceX instead, and Nvidia reportedly holds a roughly $21 billion SpaceX stake — a sign of how strongly Elon Musk's space and AI empire now pulls in institutional money.
For Alphabet, the gain is so far mostly on paper: as long as the lockups run, the shares stay bound. But as the restrictions lapse over the coming months, the company will face a market-moving question: whether to hold, or begin selling what has quietly become its most spectacular bet ever.
