Google and Fidelity invested $1 billion in SpaceX back in January 2015, picking up just under 10% of the rocket company at a valuation of over $10 billion. When SpaceX went public in June 2026 at about $135 per share, it became the largest IPO ever, valuing the company near $1.77 trillion. Google's stake, now roughly 5%, is worth approximately $94 billion on paper.
A $94 Billion Paper Gain
That $94 billion is a paper gain — not cash in hand. Most of the stake is locked: $80 billion is locked for now, with the rest locked longer. The first unlock comes in August 2026. In Q2 2026, Google's investments rose $99 billion on paper, pushing total profit to $112 billion. Of the $9.11 earnings per share, $6.26 came from that paper gain.
A $21.9 Billion Tax Bill
The paper gain also brought a $21.9 billion tax bill for Google. That's real money owed, even if the underlying stock hasn't been sold. Meanwhile, Google spent $44.9 billion on AI in three months, burning $5.9 billion more cash than it made. The company previously booked an $8 billion paper gain from similar investments in early 2025.
SpaceX Shares Slide After IPO
SpaceX shares jumped above $200 after the IPO, then fell to around $114 by July 23, 2026. That drop cuts into the paper value of Google's stake, though the locked shares mean Google can't sell yet anyway. The first unlock in August will test whether the company holds or trims its position.
For now, the $94 billion is a number on a balance sheet — and a $21.9 billion tax bill that's very real.
