Google, a subsidiary of Alphabet, holds over 5% of SpaceX's equity. If the rocket company completes its IPO at a valuation of $2 trillion, the book value of this early investment will exceed $100 billion.
According to regulatory documents submitted by SpaceX in Alaska this week, Google holds 6.11% of the company's equity (as of the end of 2025). Alaska regulations require companies to disclose shareholders holding 5% or more of their shares.
According to Bloomberg's calculations, after the merger of SpaceX and Musk's artificial intelligence and social media company xAI in February this year, Google's shareholding has been diluted to about 5%. If calculated at a valuation of $2 trillion, the corresponding value of this shareholding is approximately $100 billion.
SpaceX has secretly submitted a listing application, with the goal of going public in June this year. This IPO is expected to raise up to $75 billion, making it the largest initial public offering in history.
The significance of this document disclosure is that the fact that Google holds SpaceX has been known to the market before, but the exact proportion of its shareholding has never been publicly disclosed.
According to Alaska's disclosure requirements, only two parties are required to disclose their shareholdings in the documents: Google and Musk himself, who holds approximately 40% of SpaceX's equity.
Based on a pre dilution shareholding ratio of 6.11% and a valuation of $2 trillion, Google's equity value is estimated to be approximately $122 billion; After dilution to about 5%, the corresponding value is still about 100 billion US dollars.
The expected listing of SpaceX is bringing considerable potential wealth to early investors and core teams.
If the company's market value reaches $2 trillion, holding only 0.05% of shareholders is enough to become a billionaire overnight. Mask's approximately 40% stake will significantly increase his wealth; The personal assets of long-term executives such as SpaceX President Gwynne Shotwell are also expected to significantly increase.
SpaceX hopes to exceed its valuation target of $2 trillion when it goes public. If ultimately realized, this IPO will become the largest initial public offering in the world to date.
