A routine regulatory filing in Alaska has pulled back the curtain on one of Alphabet Inc\u2018s most valuable hidden assets: a stake in SpaceX that could soon be worth roughly $122 billion.<\/p>\n
The disclosure comes from an annual requirement in Alaska, where companies operating in the state must list any shareholders holding 5% or more. SpaceX, still privately held and famously tight\u2011lipped about its ownership structure, rarely offers this level of visibility.<\/p>\n
Yet the filing shows that Google LLC \u2014 Alphabet’s main operating unit \u2014 held 6.11% of SpaceX at the end of 2025, according to a Bloomberg report, providing one of the clearest public snapshots of the rocket company’s cap table in years.<\/p>\n
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That position traces back to 2015, when Google and Fidelity jointly invested about a billion in SpaceX at a valuation of about $12 billion, Benzinga reported earlier.<\/p>\n
At the time, the deal was viewed as a strategic bet on satellite connectivity and launch infrastructure.<\/p>\n
A decade later, the scale of that wager looks dramatically different. SpaceX’s valuation has soared into the trillions in private markets, powered by the rapid expansion of Starlink’s subscriber base and the company’s dominance in commercial launches.<\/p>\n
If SpaceX goes public anywhere near the $2 trillion valuation investors increasingly discuss, Alphabet’s stake would instantly become one of the most lucrative non\u2011core holdings in its history.<\/p>\n