Google’s parent company, Alphabet (NASDAQ: GOOGL), has increased its exposure to Elon Musk’s SpaceX (NASDAQ: SPCX), adding millions of shares in the aerospace and artificial intelligence (AI) company.
The investment forms part of a broader portfolio reshuffle that saw Alphabet establish new positions in several companies.
Alphabet’s latest Form 13F filing with the U.S. Securities and Exchange Commission (SEC), submitted on November 6, shows that it held 555,043,560 SpaceX shares valued at approximately $83.73 billion as of September 30, 2026.
Advertisement
This made SpaceX its largest disclosed equity holding, accounting for approximately 94.78% of Alphabet’s $88.35 billion reported U.S. equity portfolio.
Alphabet increased its SpaceX position from 551,189,500 shares in the second quarter, adding 3,854,060 shares, or approximately 0.7%.
However, the reported value of the investment declined from $94.18 billion in the previous quarter, a decrease of approximately $10.44 billion despite the additional shares.
SPCX stock price volatility
This reflects changes in SpaceX’s share price, as the $83.73 billion figure represents the value of Alphabet’s holdings at the end of September, not the amount spent acquiring shares during the quarter.
The investment comes as SpaceX reports strong growth, with third-quarter 2026 revenue surging 161% year over year to $14.6 billion. Net income reached $4.4 billion, reversing a $1.1 billion loss a year earlier, while adjusted EBITDA climbed 306% to $8.8 billion.
Meanwhile, Google executive Donald Harrison resigned from SpaceX’s board on November 4 after more than 11 years. The departure was disclosed on November 6, with SpaceX stating that it did not result from disagreements over its operations or policies.
Advertisement
Another notable development was Alphabet’s new $547.88 million investment in Qualcomm (NASDAQ: QCOM), comprising 2,976,982 shares as of September 30 and making the semiconductor manufacturer its sixth-largest disclosed holding.
The investment comes as Qualcomm expands beyond smartphone processors into AI data-centre chips, positioning itself as an alternative to Nvidia’s (NASDAQ: NVDA) graphics processing units. Qualcomm expects its data-centre chip revenue to reach $15 billion by 2029.
Google’s new stock stake
Beyond Qualcomm, Alphabet opened three additional positions during the third quarter, acquiring approximately 1.9 million shares of Neutron Holdings (NASDAQ: LIME) worth $53.49 million, 2,022,131 shares of biotechnology company Freenome (NASDAQ: FRNM) valued at $31.85 million, and 1,224,869 shares of Obsidian Therapeutics (NASDAQ: OBX) worth approximately $16.82 million.
Combined with Qualcomm, the four new positions were valued at approximately $650 million as of September 30, expanding Alphabet’s exposure to biotechnology and emerging businesses.
Alphabet also reduced three existing holdings, cutting its Ethos Technologies (NASDAQ: LIFE) position by 84.2% to 571,907 shares, Freshworks (NASDAQ: FRSH) by 11.5% to 14,336,643 shares, and Revolution Medicines (NASDAQ: RVMD) by 9.3% to 2,673,909 shares.
Additionally, the technology company exited its positions in GitLab (NASDAQ: GTLB), Autolus Therapeutics (NASDAQ: AUTL), and Spero Therapeutics (NASDAQ: SPRO), highlighting further portfolio adjustments alongside its increased exposure to SpaceX.
Featured image via Shutterstock
