13F Deep Dive | Google's Q2 Holdings Revealed! Holds Massive SpaceX Stake, Accounting for a Staggering 95%

Recently, several prominent investment institutions have successively filed their Q2 2026 13F holdings reports with the SEC. Among them, tech giant Google's latest investment portfolio has come to light.

According to the newly disclosed data, $Alphabet-C (GOOG.US)$ Hold $SpaceX (SPCX.US)$ approximately 550 million Class A common shares, formally revealing the company's substantial stake in Elon Musk's space venture.

SpaceX becomes the top holding

Google’s latest 13F filing shows that, as of the end of Q2, the company held approximately 551 million $SpaceX (SPCX.US)$ shares, with a reported market value of $94.176 billion, accounting for 95.05% of its entire 13F portfolio. At first glance, Google appears to have heavily bet on SpaceX during Q2, but this $94.176 billion does not represent actual purchases made during the quarter.

Following SpaceX’s Nasdaq listing on June 12, Google’s long-held private equity stake was converted into publicly traded securities with market pricing and included in its 13F filing for the first time.Therefore, this massive holding essentially represents the 'explicit recognition' and revaluation of an early investment after the IPO, rather than Google suddenly building a large position in the secondary market.

Google's Q2 earnings report shows that approximately $80 billion worth of its SpaceX shares are subject to short-term sale restrictions, and another approximately $14.1 billion worth are subject to long-term sale restrictions, with the lock-up period extending through Q3 2027.

In other words, nearly all of Google's stake in SpaceX is subject to various lock-up periods restricting its sale. Although this holding now has a public market price, it cannot be fully converted into freely usable cash in the short term.

Excluding SpaceX, what has Google actually done?

Excluding SpaceX, Google’s Q2 13F portfolio had a market value of approximately $4.906 billion, up about 22.2% from $4.016 billion in Q1. However, in terms of share counts, most core holdings were not increased; the portfolio’s market value growth was primarily driven by rising stock prices and previously private investments becoming reportable in the 13F after going public.

Two other 'new positions' in Q2 were $Parabilis Medicines (PBLS.US)$ and $Fervo Energy (FRVO.US)$ , with quarter-end market values of approximately $135 million and $51.47 million, respectively.

However, these two positions should not be directly interpreted as purchases in the secondary market.Fervo went public on May 13, and Parabilis on June 10. Google or its venture arm GV was already an investor in both companies prior to their IPOs. Therefore, these positions likely represent pre-existing private equity stakes that were converted into common shares upon IPO and thus appeared in the 13F for the first time.

Actual trading activity is more evident on the selling side:

– Reduced holdings in $Revolution Medicines (RVMD.US)$by approximately 346,000 shares;

– Reduced holdings $Monte Rosa Therapeutics (GLUE.US)$approximately 312,000 shares;

– Reduced holdings $Relay Therapeutics (RLAY.US)$approximately 154,000 shares;

– Reduced holdings $Ethos Technologies (LIFE.US)$approximately 148,000 shares;

– Fully exited position $Tenaya Therapeutics (TNYA.US)$approximately 916,000 shares.

Overall, Google did not make significant directional adjustments to its public market holdings in Q2, but continued to reduce risk exposure in certain biotech positions.

Is Google's 13F turning into a 'space fund'?

If we combine the holdings of $SpaceX (SPCX.US)$ 、 $Planet Labs PBC (PL.US)$ and $AST SpaceMobile (ASTS.US)$ space-related companies now account for 97.03% of Google's entire 13F portfolio.

Judging solely by portfolio weight, Google's 13F has almost become a highly concentrated 'space fund.' However, this does not mean Google suddenly allocated 97% of its investment capital to the space sector.

A more accurate interpretation is that an investment in SpaceX made over a decade ago has appreciated so significantly that it has drastically diluted the portfolio weights of all other holdings.

The number of shares held in Planet Labs and AST SpaceMobile remained unchanged in Q2, indicating Google did not simultaneously increase its positions in other space stocks following SpaceX's listing. Nevertheless, the fact that all three companies rank among the top holdings still reflects Google's long-standing strategic focus on areas such as satellite internet, Earth observation, and space-based communications.

After removing the structural distortion caused by SpaceX,Google's investment logic remains very clear:

$Arm Holdings (ARM.US)$ represents AI computing power and chip architecture;

$Fervo Energy (FRVO.US)$ corresponds to long-term power demand for data centers;

$Tempus AI (TEM.US)$ represents AI healthcare;

$Freshworks (FRSH.US)$ 、 $Gitlab (GTLB.US)$ and $UiPath (PATH.US)$ focuses on enterprise software and automation.

In other words, Google's investment portfolio remains centered around core themes such as computing power, energy, connectivity, enterprise software, and life sciences, showing strong synergy with its own AI and cloud computing strategy.

What should investors really pay attention to?

The biggest takeaway from this 13F filing is not that 'Google made a massive $94.1 billion investment in SpaceX in Q2,' but rather that an early strategic investment—revalued after SpaceX’s public listing—has now officially entered the public market spotlight.

For Google investors, three developments deserve particular attention going forward:

First, once SpaceX share sale restrictions are gradually lifted, will Google choose to maintain its long-term holding or progressively realize gains and redeploy capital into AI infrastructure;

Second, to what extent will fluctuations in SpaceX’s share price amplify the volatility of Google’s quarterly unrealized profits;

Third, excluding gains from equity investments like SpaceX, can Google sustain growth in operating profit from its core businesses—Search, Cloud, and AI?

Therefore, the real signal conveyed by this 13F filing is:Google did not suddenly place a massive bet on SpaceX in Q2; rather, a decade-old early-stage investment has now surfaced publicly following SpaceX’s listing. What appears on the surface as a new $90+ billion position is in fact the concentrated realization of Google’s long-term investment acumen.

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