Alphabet's $94 Billion Bet on SpaceX Takes Center Stage in Q2 13F Filing

Alphabet's Q2 13F filing has revealed a massive position in SpaceX, accounting for 95% of the company's disclosed public portfolio. The holding, worth approximately $94.1 billion, stems from a January 2015 joint investment by Google and Fidelity for a 10% stake in SpaceX.

The position was converted into a reportable public security when SpaceX went public on June 12, 2026, in the largest IPO in Wall Street history. However, immediate liquidity is limited due to lockup agreements and restrictions, with approximately $80 billion subject to short-term post-IPO lockups until October 24, 2026.

Excluding the SpaceX position, Alphabet's traditional portfolio stands at around $4.9 billion, driven by market appreciation and the public debut of existing private investments. The company has also shown a trend of risk reduction in small-cap biotech, reducing its holdings in several companies while fully exiting its position in Tenaya Therapeutics.

The overall strategic logic remains aligned with Google's core priorities, focusing on AI compute, data center power supply, healthcare, and enterprise software. Three key dynamics to monitor going forward include lockup expirations, earnings volatility, and narrative focus, as the $99 billion net equity gains reported in Q2 were heavily driven by SpaceX.