Alphabet holds 6.11% of SpaceX ahead of $2T IPO

An Alaska securities filing shows Google LLC owned 6.11% of SpaceX at the end of 2025, a stake worth about $122 billion at a $2 trillion valuation as SpaceX prepares a potential initial public offering.

Alaska requires disclosure of holders with stakes of 5% or more; the filing provided the first public detail on the exact size of Alphabet’s holding. SpaceX completed a merger with xAI in February that may have reduced Alphabet’s stake; at a $2 trillion valuation the holding would be worth roughly $100 billion after that deal.

SpaceX has filed to go public confidentially and is reported to be seeking as much as $75 billion in an offering at a valuation above $2 trillion. Company advisers and banks are conducting due diligence and investor outreach. Chief Financial Officer Bret Johnsen has expressed displeasure to bankers about leaks related to the process and has reminded them the offering is intended to remain private.

To secure large commitments, SpaceX plans to show key U.S. sites to prospective anchor investors. The company is expected to host visits to facilities in California and Texas and to charter a plane from New York for trips that could include Mississippi, where xAI is building a data center campus. Officials are targeting sovereign wealth funds and other large institutional buyers.

SpaceX’s valuation rests on multiple business lines. Starlink, the satellite broadband service, generated an estimated $10.6 billion in revenue and $5.8 billion in EBITDA in 2025, a 54% margin, and accounted for more than two-thirds of the company’s revenue. The Starlink subscriber base doubled for a second straight year to about 9.2 million users across more than 150 countries.

Analysts project Starlink revenue could reach $120 billion by 2040 with margins near 70% if growth continues and new services scale. Direct-to-cell service reached roughly 6 million subscribers through about 27 carrier partnerships in roughly 18 months.

The launch business flew 165 Falcon 9 missions in 2025, about 52% of global orbital launches, and reported a booster reuse rate of 84%. The launch unit is estimated to have produced $5.2 billion in revenue and $1.7 billion in EBITDA in 2025, a 33% margin. Some forecasts project the launch segment at about $30 billion in revenue by 2040 as Starship takes on more commercial missions; the first commercial Starship payload delivery is expected in 2026.

PitchBook senior research analyst Franco Granda wrote, “Benchmarked against high-growth large-cap peers, SpaceX’s profile warrants a premium multiple, with around 50% EBITDA margins and around a 50% three-year revenue CAGR in addition to multiple compounding growth vectors. The valuation becomes progressively easier to justify over a 5-7 year horizon as Starship commercializes and the direct-to-cell business scales, with returns driven by milestone execution rather than near-term earnings growth.”

If the IPO reaches the targeted valuation, early investors and long-tenured executives would see substantial paper gains and ownership stakes across the investor base would be reshaped as banks and advisers finalize commitments.