截至2025年底，阿拉伯Alphabet Inc.在阿拉斯加提交的文件显示其持有SpaceX 6.11%的股权；按SpaceX计划IPO估值2万亿美元计算，相关价值约为1220亿美元（即12位数字规模）。彭博推算，在2026年2月SpaceX与xAI合并后，Alphabet的持仓可能已稀释到约5%，在同一2万亿美元估值下约为1000亿美元。Elon Musk的持仓仍约40%，在阿拉斯加披露规则下目前只有Google和Musk被要求披露持仓，但文章指出其他内部人员和投资者在上市后也可能获得巨额收益。
SpaceX据报已递交拟上市文件，目标在6月挂牌，预计最高可筹集约750亿美元，这是可能创下有史以来规模最大的IPO；在2万亿美元估值下，即使持有0.05%股份，也可能一夜间变成十亿美元级持仓。PitchBook高级分析师Franco Granda称，2021年前后参与投资的早期投资者可能获得明显乃至“翻倍式”回报，甚至高达20倍；即便有些人在2010年代才进入、但在2021年前已买入的人，也很可能已经获利丰厚。
Alphabet最早于2015年与Fidelity在一次10亿美元融资中投资SpaceX，当时估值为100亿美元，两者共持有10%股份。公开的股东数据表明持股持续被稀释：在2020年时Google为7.64%、Elon Musk为47.11%，Founders Fund为7.77%；到2023年12月该基金降至5.76%，之后已低于5%披露门槛。Alphabet还在2025年第一季公布其私募投资带来80亿美元利润增量，全年合并财报显示其在权益证券上净收益为241亿美元；另据Bloomberg Intelligence，SpaceX今年预计收入约200亿美元，而4月11日提交的报告虽延迟，但延迟费用仅约250美元量级。
Alphabet Inc. filed data showed it held 6.11% of SpaceX at the end of 2025; at a $2 trillion IPO valuation, this stake would be worth about $122 billion (a 12-figure holding). Bloomberg estimates that after the February SpaceX–xAI combination, Alphabet may have been diluted to around 5%, worth about $100 billion at the same $2 trillion valuation. Elon Musk still reportedly holds roughly 40%. Under Alaska disclosure rules, only Alphabet and Musk were required to report, though the article notes other insiders and investors could also reap large gains when the IPO occurs.
SpaceX is reported to have filed to go public, targeting a June listing, and it is expected to raise as much as $75 billion, potentially the largest IPO ever. At a $2 trillion valuation, even a 0.05% interest could become a billion-dollar position overnight. PitchBook senior analyst Franco Granda said that investors who got in around 2021 could see life-changing returns, potentially up to 20 times; even participants who entered before 2021 after the 2010s are likely to have benefited substantially.
Alphabet’s earliest investment came in 2015, when it and Fidelity invested $1 billion in a financing at a $10 billion valuation, receiving a combined 10% stake. Public shareholder data shows dilution over time: in 2020, Google held 7.64%, Elon Musk held 47.11%, and Founders Fund held 7.77%; by December 2023, Founders Fund had fallen to 5.76% and since then below the 5% disclosure threshold. Alphabet later reported in 2025 Q1 that private-holding gains added $8 billion to profits, and its 2025 year-end net gains on equity securities were $24.1 billion; Bloomberg Intelligence estimates SpaceX revenue this year at about $20 billion, and the April 11 biennial filing, though late, appears to have incurred only roughly a $250 late-filing fee.