Alphabet disclosed in its second-quarter filing that its SpaceX stake was valued at about $94 billion after the company’s June IPO, turning a 2015 investment into one of the largest paper gains on Google’s balance sheet. Google and Fidelity invested $1 billion in SpaceX in January 2015, valuing the company at more than $10 billion, and Google led the round. After a decade of growth and later funding rounds that diluted its position, Google now owns close to 5% of SpaceX. The filing showed about $80 billion of the stake is locked for now, with the remainder subject to longer restrictions, limiting Alphabet’s ability to sell immediately. Alphabet’s investments rose by about $99 billion on paper in the June quarter, helping lift profit to $112 billion, while stakes including Anthropic also contributed. But the gain was largely unrealized: of the $9.11 Alphabet earned per share, $6.26 came from the paper gain, and the company recorded a $21.9 billion tax bill tied to it. Investors focused instead on spending, with Google laying out $44.9 billion over three months on AI and using $5.9 billion more cash than it generated, while the stock closed about 1.2% lower. SpaceX shares rose above $200 after the IPO before falling to around $114 by July 23, underscoring that the value of Alphabet’s holding can still swing before lockups begin to expire.