Alphabet Inc.’s (NASDAQ:GOOGL) (NASDAQ:GOOG) newest 13F filing just put a number on one of the biggest bets in Big Tech history — and the market has already started rewriting it.
- SPCX stock is climbing. See the chart and price action here.
Google Investors Get SpaceX Whiplash
According to the filing, Space Exploration Technologies Corp. (NASDAQ:SPCX) shares accounted for 95.05% of Alphabet’s public equity portfolio as of June 30, a position worth roughly $94 billion.
The filing shows Alphabet’s total reportable portfolio value jumping from $4.02 billion the prior quarter to $99.1 billion — almost entirely because SpaceX finally shows up as a marketable security following its blockbuster June IPO.
That kind of concentration is eye-popping even by mega-cap standards. Google, now essentially a single-stock 13F filer, has ridden this position since a roughly $500 million to $900 million check written alongside Fidelity back in 2015, when SpaceX was valued near $12 billion.
But 13F filings are backward-looking snapshots, and SpaceX stock hasn’t stood still since June 30. Shares have been on a punishing slide since peaking above $225 shortly after the IPO, and the drawdown has wiped out a big chunk of Alphabet’s paper gain.
Marking the position to the market’s most recent lows implies Alphabet’s SpaceX stake is now worth closer to $66 billion — a roughly 30% haircut from the June 30 filing value in a matter of weeks.
SPCX up 10% Friday
The wild part: SpaceX just gave that math another twist. Shares are up double digits intraday Friday clawing back some of the recent losses after bottoming near $115 on Thursday.
That kind of single-session swing on a stock this large — with a market cap north of $1.6 trillion — is exactly the whiplash long-term holders like Alphabet now have to live with.
There’s a wrinkle that limits how much any of this matters near-term: most of Alphabet’s SpaceX shares are locked up. Roughly $80 billion of the stake faces short-term post-IPO sale restrictions, with another $14.1 billion locked through the third quarter of 2027, according to Bloomberg.
For Google, where SpaceX dominates the public portfolio, the volatility is the whole story. Expect Alphabet’s next 13F to look very different depending on where SpaceX shares land when the next quarter closes.
SPCX Stock Price Activity: SpaceX stock was up 10.85% at $127.39 at the time of publication Friday, according to data from Benzinga Pro.
Photo: Sergey Nivens / Shutterstock
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