Alphabet, Google's parent, is confirmed to have held a 6.11 percent stake in SpaceX as of the end of 2025. As SpaceX pursues an initial public offering targeting a valuation of more than $2 trillion, Alphabet's investment returns are also likely to swell sharply.

CryptoPolitan, a blockchain media outlet, reported on Tuesday local time that a new disclosure in Alaska first showed Google LLC's SpaceX stake in specific terms.

Alaska requires disclosure of shareholders holding 5 percent or more. If SpaceX lists at a $2 trillion valuation, the stake would be valued at about $122 billion. However, Alphabet's stake may have declined somewhat after the February merger of SpaceX and xAI. Even in that case, the stake would be worth about $100 billion at a $2 trillion valuation. Alphabet had previously disclosed that it invested in SpaceX, but this is the first time the exact stake has been revealed.

SpaceX is also stepping up IPO preparations. It is preparing a schedule to open key U.S. facilities to potential cornerstone investors, including sovereign wealth funds that can buy large stakes. Potential visit sites include California and Texas. In the coming weeks, it also plans to fly a chartered plane from New York for a visit to Mississippi. xAI is building a large data centre campus in Mississippi.

SpaceX has already confidentially filed an IPO registration statement. The goal is to raise as much as $75 billion at a valuation above $2 trillion. If completed, it would be the largest IPO on record. Bret Johnson (브렛 존슨), SpaceX's chief financial officer, is reported to have expressed dissatisfaction with leaks of listing details and repeatedly stressed to the banks involved that the process should remain confidential.

Starlink underpins SpaceX's high valuation. Starlink is estimated to have posted 2025 revenue of $10.6 billion and earnings before interest, tax, depreciation and amortisation (EBITDA) of $5.8 billion. Its margin was 54 percent and it accounted for more than two-thirds of SpaceX's total revenue. Subscribers rose to 9.2 million in more than 150 countries, doubling for a second straight year.

The market cites SpaceX's profitability and growth as key to valuing the listing. Franco Granda (프랑코 그란다), a senior PitchBook researcher, said SpaceX could be valued at a premium compared with high-growth large-cap stocks. He cited an EBITDA margin of about 50 percent and average annual revenue growth of around 50 percent over the past 3 years, and said valuation justification could strengthen over the next 5 to 7 years if Starship is commercialised and direct-to-device communications expands.

The launch business is also expanding. SpaceX carried out 165 Falcon 9 missions in 2025, accounting for about 52 percent of global orbital launches. The booster reuse rate was 84 percent and launch costs were cut by as much as 65 percent. The launch segment was estimated to have 2025 revenue of $5.2 billion, EBITDA of $1.7 billion and a margin of 33 percent. Franco Granda projected that if Starship takes over the full launch volume, revenue from the business could reach $30 billion in 2040. The first commercial cargo transport was expected in 2026.

Starlink's direct-to-device service, meanwhile, secured 6 million subscribers in about 18 months through partnerships with 27 telecom operators. SpaceX is reinforcing its argument for a high valuation by highlighting satellite internet, launches, Starship and mobile communications expansion. Another key point to watch will be how the ownership structure is finalised after the xAI merger, along with whether the listing is completed.