- Alphabet holds about $94.1 billion of SpaceX stock, including roughly $80 billion subject to near-term lockups and $14.1 billion restricted through late 2027.
- The restricted shares limit the immediately tradable SpaceX float, while future lockup expirations create identifiable supply events over subsequent quarters.
- SpaceX reported about $4.7 billion in first-quarter 2026 revenue, up roughly 15% year over year, but recorded an approximately $4.3 billion net loss amid spending on Starship, AI infrastructure, and research.
Quotes
“The biggest takeaway from Alphabet's filing isn't necessarily the size of the investment; it is what those restrictions mean for the market.”
“However, profitability remains elusive.”