Google's parent company Alphabet stands to reap over $100 billion from its early bet on SpaceX, as Elon Musk's space venture moves toward a landmark stock market listing expected in June. Alphabet held a 6.11% stake in SpaceX at the end of 2025, according to US regulatory filings, and even if that share is diluted to around 5% following SpaceX's recent merger with Musk's AI firm xAI, it could still be worth more than $100 billion if SpaceX achieves a projected valuation of roughly $2 trillion. The windfall would represent a spectacular return on Google's original investment of approximately $1 billion made in 2015, when SpaceX was valued at just $10 billion; the upcoming IPO could also surpass Saudi Aramco's 2019 offering to become the largest in history.