Alphabet SpaceX stake grows 100-fold

Alphabet Inc.'s early investment in SpaceX has multiplied more than 100-fold, with the Google parent disclosing a stake worth about $94 billion at the end of June, compared with the $900 million it invested in Elon Musk's rocket company in 2015. Following SpaceX's $86 billion IPO in June, Alphabet has emerged as the largest single institutional holder of SpaceX, according to a Reuters analysis of quarterly filings. Alphabet held 551.2 million SpaceX shares at the end of the second quarter, worth approximately $94.2 billion at SpaceX's June 30 share price of $170.86. At Wednesday's price of $146.15, the stake would be worth about $81.8 billion, still roughly 90 times the original investment. Other major institutional holders include Gigafund Management, Baillie Gifford, BlackRock, and Ontario Teachers Pension Plan. The filings provide a snapshot as of June 30 and do not reflect subsequent trading. SpaceX shares have been volatile since the IPO, rising about 30% since August 5 despite a 3% decline on Thursday. Retail investors became net sellers for the first time since the IPO, according to Vanda Research. The concentration of ownership among a few large investors highlights the significant appreciation of early SpaceX investments.