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Feb 5, 2026 8:30 AM

Why Alphabet Investors Own A Secret $100B SpaceX Stake

Alphabet Inc (NASDAQ:GOOGL) (NASDAQ:GOOG) didn’t build a rocket, but it bought the right one.

In 2015, Google’s parent company wrote a $900 million check to Elon Musk's then-risky SpaceX at a $12 billion valuation. It looked like a side bet. Eleven years later, it may be the greatest trade in its history, worth close to $100 billion, without launching a single satellite.

From Moonshot To Money Shot

That quiet stake has ballooned after Musk proposed a merger between SpaceX and xAI, which would create a combined company valued at around $1.25 trillion.

Even after dilution, analysts estimate Alphabet still owns ...