Our analysts just identified a stock with the potential to be the next Nvidia. Tell us how you invest and we'll show you why it's our #1 pick. In 2015, Google cut SpaceX a check for $900 million.
What seemed like a cheeky side bet has now returned Alphabet $94 billion, or about 100x. This makes Alphabet one of the largest institutional shareholders in Elon Musk's rocket company following its blockbuster IPO. Alphabet invested $900 million in SpaceX's series F round, earning it 551.2 million shares, which as of June 30 is valued at $94.2 billion based on the closing price of $170.86 that day.
For an IPO that debuted at $135, the stock peaked on June 30th at $170.86, before it started pulling back. Alphabet's position is still dwarfed by other disclosed institutional holders. Gigafund Management tops the list at 171.8 million shares, Fidelity Investments comes in second with 302.6 million shares.
Baillie Gifford and BlackRock own 51.4 million and 51 million shares, respectively. Together, these five holders accounted for the large majority of SpaceX shares. If you're wondering where Musk stands, he's in his own category holding 48.4% of the company, with voting control well above that.
The caveat to this reporting is that 13F data is already outdated and doesn't count for sale of shares post June 30. It's also difficult to determine how many of these shares were held pre-IPO. Nvidia-level potential. 30M+ investors trust Moby to find it first.
The data reveals the broader dynamic around SpaceX's IPO: That ownership is still heavily concentrated among a small number of institutions and Musk himself, leaving relatively little float in public hands relative to the company's total valuation. But it also demonstrates what a growing asset SpaceX shares are for large investors today. For Alphabet specifically, the stake functions as something close to a hidden asset sitting outside its core advertising and cloud businesses — a scale of paper gain that few strategic corporate investments have ever produced.
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