Alphabet’s SpaceX stake valued at $94 billion after decade-long bet

Alphabet’s stake in SpaceX has appreciated to an estimated $94 billion, marking a near 100-fold increase from its initial investment a decade ago, according to internal valuation assessments reviewed by Reuters.

The tech giant first invested in SpaceX in 2012, committing capital as part of a broader push into emerging technologies. Since then, SpaceX’s valuation has ballooned alongside its commercial spaceflight operations, satellite internet ventures and government contracts, including NASA partnerships and U.S. Department of Defense launches.

The surge in valuation underscores the growing strategic alignment between Alphabet’s long-term growth ambitions and SpaceX’s expanding role in aerospace, satellite broadband and next-generation connectivity. SpaceX’s Starlink division, which provides global internet services via a constellation of low-Earth-orbit satellites, has been a key driver of the company’s valuation growth.

Alphabet’s investment remains a minority stake, and the company has not disclosed further financial details or plans to monetize its holdings. The valuation figure reflects private market assessments and does not represent a formal transaction or liquidity event.

The development follows SpaceX’s recent funding rounds, which have repeatedly pushed its valuation higher, including a $180 billion valuation reported in mid-2025. Analysts attribute the rise to strong demand for Starlink services, advancements in reusable rocket technology and expanding government contracts.

Alphabet’s exposure to SpaceX aligns with its broader strategy to diversify beyond digital advertising and cloud computing into high-growth sectors, including artificial intelligence, autonomous systems and space-based infrastructure.