Alphabet, the parent company of Google, has disclosed a substantial investment in SpaceX, reporting a valuation of $94.1 billion for its stake in the rocket company as of the end of the second quarter. This revelation came in a recent regulatory filing by Alphabet. The disclosure follows SpaceX's initial public offering on the NASDAQ stock exchange. The filing indicates that approximately $80 billion of Alphabet's SpaceX shares are subject to short-term restrictions on sale. An additional $14.1 billion remains restricted until the third quarter of 2027. These trading restrictions mean that while the investment represents a significant paper gain, the cash is not immediately available for Alphabet's operations or future investment plans. SpaceX stock has experienced fluctuations since its public debut, trading below its initial public offering price. Alphabet's investment in SpaceX dates back to January 2015, when Google and Fidelity jointly invested $1 billion in the company, acquiring a stake of just under 10 percent. Subsequent funding rounds and SpaceX's public offering have diluted Alphabet's ownership percentage over time. While the filing provides the dollar value of the stake, it does not specify an exact ownership percentage. Published estimates suggest Alphabet's ownership is between 4% and 6%. The unrealized gains from equity securities, primarily driven by the SpaceX investment and another private company investment, contributed to a $99 billion gain on Alphabet's equity securities during the quarter. This surge in unrealized gains led to a reported net income of $112.1 billion, with earnings reaching $9.11 per share. Alphabet's total revenue increased by 24% year-over-year to $119.8 billion, with Google Cloud revenue showing an 82% rise to $24.8 billion. However, these equity gains do not provide liquid cash for the company's daily operations. This disclosure also comes as Alphabet plans significant capital expenditures, guiding to $205 billion for investments, much of which is allocated to artificial intelligence data centers. The substantial investment gains offer a financial buffer against these large planned expenditures. SpaceX's recent initial public offering was priced at $135.00 per share for its Class A common stock, with the company aiming to raise capital for expansion in space, Starlink, and artificial intelligence initiatives. Reports indicate that Google also entered into a multi-year agreement with SpaceX in June 2026, committing approximately $920 million per month for AI computing power, totaling about $30 billion. This deal is intended to secure over 110,000 NVIDIA GPUs for Google by mid-2029.