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SpaceX IPO lifts Stack Capital book value and highlights Alphabet stake

SpaceX IPO lifts Stack Capital book value and highlights Alphabet stake

Separate disclosures tied to SpaceX's June 2026 listing showed Stack Capital's book value per share rose 22% to C$20.25, while Alphabet's long-held stake was valued at about $94.1 billion at quarter-end.

Fact Check
The Stack Capital Q2-2026 press release directly confirms book value per share rose 22% to $20.25 (Canadian, as STCK trades on the TSX), explicitly crediting SpaceX's June 2026 record IPO. Investopedia and Barron's independently confirm Alphabet disclosed a ~$94.1 billion SpaceX stake at quarter-end (June 30, 2026). All three components of the claim are supported by the entity's own disclosure and authoritative reporting linking to Alphabet's SEC 10-Q.
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Summary

The source materials describe separate investor disclosures linked by the same catalyst: SpaceX's June 2026 initial public offering. Stack Capital Group reported that for the period ended June 30, 2026, Book Value per Share rose 22% to C$20.25 from C$16.57 as of March 31, 2026, and total book value reached C$313 million, with value creation led by SpaceX, Fluidstack, CoreWeave and X-Energy. SpaceX, which Stack Capital said completed a record-setting IPO priced at US$135 per share, raised US$75 billion and began trading on Nasdaq under the ticker SPCX at an approximately US$1.77 trillion valuation. In a separate quarterly 10-Q filed with the SEC, Alphabet disclosed that it held about 551 million Class A shares in SpaceX valued at roughly $94.1 billion as of June 30, 2026, based on a share price of about $170.86. Alphabet's stake traces back to a 2015 investment of between $900 million and $1 billion for an estimated 7.5% stake, implying a gain of nearly 100 times its original outlay. The filing said about $80 billion of the stake is subject to standard post-IPO sale restrictions and the remaining $14.1 billion is locked until September 2027, with no sale plans disclosed.

Terms & Concepts
  • Book Value per Share: A non-IFRS measure that Stack Capital defines as book value divided by the number of common shares outstanding on the measurement date.
  • 10-Q: A quarterly report that U.S.-listed companies file with the SEC, the U.S. securities regulator, to disclose financial and other material information.
  • S-1: An SEC registration statement used by companies preparing an initial public offering in the United States.