Spacex Ipo Can Pump $100 Billion Into Google’s Alphabet Stock

What Happened

That makes it the largest initial public offering (IPO) ever. Reported demand neared $150 billion before order books, where investors submit share requests, were set to close Wednesday.

Early backers are signaling exits, too. Chad Anderson, founder of venture firm Space Capital and an early SpaceX investor, told Fortune:

“We’ve been invested for almost ten years, it’s our business to return capital to investors.”

Investors who wanted SpaceX stock exposure long used Alphabet as a stand-in and can soon rotate into SPCX directly.

Market Context

The SpaceX IPO, the largest listing in history, is set to price this week, with Alphabet (GOOGL) stock fresh off a 12.67% slide from its May 18 record.

The debut turns a decade-old bet worth close to $100 billion into a number that updates every trading day. That visibility feeds the bull case behind Wall Street’s loftiest targets, while day-one sellers argue the other side.

SpaceX is set to price its offering Thursday evening and begin trading Friday on Nasdaq under the ticker SPCX. The fixed $ 135-per-share deal targets a $75 billion raise at a valuation near $1.75 trillion.

Alphabet stake in SpaceX at 6.11% as of late 2025. SpaceX’s February merger with Musk’s AI firm xAI added new shares, likely trimming the holding to about 5%. At the listing price, that range is worth between $87 billion and $100 billion, a paper gain of roughly 100 times.

Alphabet guided 2026 capital expenditures, the money spent on data centers and hardware, to as much as $190 billion. Operating cash flow, the cash the core business generates, covered $174 billion through March, below planned spending.

A June equity package included an $18 billion share sale and $16.75 billion of convertible preferred stock. The preferred paper later converts into common shares. It added a $40 billion at-the-market program, which drips new shares onto the exchange.

That report would likely land in late July or August. Under the standard schedule, 20% of the stake unlocks on the second trading day after it.

Why It Matters

Shares outstanding measure the total stock in circulation. The count rose to 12.12 billion this quarter from 12.09 billion at the end of 2025. That is the first climb since at least 2018, and filings warn share buybacks may pause during the sales.

Selling SpaceX stock could plug the gap without minting new Alphabet shares. The timeline matters, though. SpaceX lists June 12, and its first earnings report covers the quarter ending June 30.

Details

SpaceX IPO Hype Peaks as Day-One Sellers Line Up

Meanwhile, SpaceX reserved 5% of the offering for a direct share program, a slice sold to buyers chosen by its executives. Those buyers skip the lockup, the usual post-IPO ban on insider selling, and can sell immediately.

Elon Musk, by contrast, committed his roughly 40% stake to a 366-day lockup.

The biggest quiet winner in that queue is Alphabet itself.

Alphabet’s $900 Million Bet Is Now Worth Up to $107 Billion

Google paid roughly $900 million for its stake in SpaceX in 2015. An Alaska state filing reported by Bloomberg in April put the

Google also agreed last week to pay SpaceX $920 million a month for AI computing power through June 2029. The deal totals about $30 billion and sits beside Anthropic’s $1.25 billion monthly contract.

Alphabet money, therefore, feeds SpaceX revenue either way.

A listing now hands Alphabet a path from paper to cash.

A $190 Billion AI Bill Pushes Alphabet Toward Monetization

In simple terms, Alphabet plans to spend more this year than its business brings in. To cover the difference, it is selling new stock. A SpaceX windfall would bring in cash without that cost.