Bloomberg reported that Google LLC held a 6.11% stake in SpaceX at the end of 2025, and Reuters reported that SpaceX has confidentially filed for a U.S. IPO while targeting a valuation above $2 trillion. Based on those reported figures, Alphabet’s holding could be worth about $100 billion after dilution from SpaceX’s February merger with xAI.
Alphabet’s Google unit is drawing fresh attention after Bloomberg reported that a new disclosure showed Google LLC owned 6.11% of SpaceX at the end of 2025. Reuters has separately reported that SpaceX confidentially filed for an initial public offering on April 1 and later said the company is aiming for a valuation above $2 trillion, setting up a possible public-market revaluation of one of Alphabet’s long-held private investments.
Key insights
- Reuters reported that Google said it invested $900 million in SpaceX in January 2015.
- Bloomberg reported that Google LLC held 6.11% of SpaceX at the end of 2025, based on a disclosure filed this week.
- Bloomberg’s calculations, as carried by other outlets, indicate that the stake would be worth about $122 billion at a $2 trillion valuation before dilution.
- Those same calculations say the stake may now be closer to 5% after SpaceX’s February merger with xAI, which would put the value at about $100 billion at a $2 trillion valuation.
- Reuters reported that SpaceX has confidentially filed for a U.S. IPO and is planning a market debut later this year.
- Reuters also reported that SpaceX was last valued at about $800 billion in a secondary share sale and that the xAI merger valued SpaceX at $1 trillion.
Alphabet’s early SpaceX bet
Google first disclosed its SpaceX investment years ago. Reuters reported in 2018 that Alphabet’s Google Inc. had invested $900 million in January 2015, while SpaceX was then valued at about $25 billion. The same Reuters report said no other shareholder owned 10% or more at that time, underscoring how long Alphabet has held a meaningful position in the private rocket company.
The newer reporting has filled in a detail that had not been publicly quantified before: the size of Google’s stake. According to Bloomberg, the new disclosure showed Google LLC owned 6.11% of SpaceX at the end of 2025. Bloomberg’s report, as repeated by several outlets, said that figure was likely reduced to around 5% after SpaceX’s February merger with xAI.
SpaceX’s IPO plans
Reuters reported on April 1 that SpaceX had confidentially filed for a U.S. initial public offering, citing two people familiar with the matter. Reuters said the filing set the stage for what could become the largest stock market listing on record. The report also said SpaceX was hosting an analyst day later in April and had lined up additional sessions for research analysts and banks.
A separate Reuters report on April 2 said SpaceX was targeting a valuation above $2 trillion in the IPO and could seek to raise more than $50 billion, with the market debut planned later in 2026. Reuters said the company was the world’s most valuable privately held company at the time, based on its $800 billion secondary-sale valuation, and noted that the xAI merger had already assigned SpaceX a $1 trillion value in that transaction.
Why the reported stake matters
The reported value attached to Alphabet’s SpaceX holding depends on the IPO pricing and on the size of Alphabet’s final ownership after dilution. Bloomberg’s calculations, as carried by Reuters-linked coverage and other outlets, place the stake at about $122 billion if SpaceX lists at $2 trillion before the merger-related dilution. After the estimated reduction to around 5%, the same $2 trillion valuation would translate into roughly $100 billion. These are valuation calculations based on reported ownership percentages and proposed IPO pricing, not confirmed proceeds from a completed public offering.
SpaceX has not completed the listing, and Reuters reported that the company did not immediately respond to a request for comment on the IPO filing. Reuters also reported that the filing remains confidential, meaning the company’s registration documents have been submitted privately and are not yet public.
Google holds a disclosed stake in SpaceX, SpaceX has confidentially filed for a U.S. IPO, and the company is pursuing a valuation above $2 trillion, according to recent reporting. Alphabet has not publicly detailed any change in its ownership, and the IPO has not yet been completed.
