Alphabet's SpaceX Stake Soars to $69B Despite Market Drop

Alphabet Inc. has expanded its investment in Elon Musk's SpaceX, acquiring nearly 4 million additional shares in the third quarter of 2026. This move adds to a holding that began with a $900 million investment in 2015 and is now valued at approximately $69 billion. The acquisition occurred as SpaceX shares experienced a significant decline, falling from $170.86 to $123.62 per share by late 2026.

Despite the market downturn affecting the valuation of Google's stake, the parent company of Google has committed to substantial payments for SpaceX's services. In June 2026, Google agreed to a monthly payment of $920 million for access to computing power, needed for its Gemini Enterprise AI platform. This demand has been described as "even higher than we expected" by a Google spokesperson.

The financial entanglement extends beyond this computing deal. SpaceX has reported intense interest from major tech companies, or "hyperscalers," seeking computing capacity. This increasing reliance on SpaceX for critical infrastructure underscores the evolving landscape of cloud computing and artificial intelligence, with Alphabet's initial investment now dwarfed by its ongoing operational expenses with the space exploration company.