Alphabet held 555,043,560 SpaceX Class A shares at the end of September, up from 551,189,500 at the end of June, according to its Form 13F filings with the SEC (Q3 13F, Q2 13F). That is 3,854,060 more shares, an increase of 0.70%, by our arithmetic.
At SpaceX’s 30 September Nasdaq close of $150.86, the added shares were worth about $581.4 million; at the 6 November close of $134.27, about $517.5 million, by our arithmetic (Nasdaq).
Business Pill · Financial Conditions
An evergreen Business Engineer explainer on financial conditions. It teaches the general idea only and does not discuss Alphabet or SpaceX.
The key insight:Alphabet‘s Form 13F filings show its SpaceX Class A holding rose from 551,189,500 shares on 30 June to 555,043,560 on 30 September, 3,854,060 more shares, while the reported value of the position fell from $94.18 billion to $83.73 billion.
Both filings list the same security, CUSIP 84615Q103, Class A common stock, with sole voting authority over every share. The 13F for the quarter ended 30 September was signed on 5 November and filed on 6 November; the one for the quarter ended 30 June was filed on 7 August.
The filings value the position at $94.18 billion on 30 June and $83.73 billion on 30 September. That is $170.86 and $150.86 a share, by our arithmetic, so the reported value fell by $10.44 billion in the quarter even as the share count rose.
The 13F does not say how the shares were acquired, at what price, or on which dates within the quarter. A Form 13F reports the listed U.S. securities an institutional investment manager holds at quarter end, so it captures the net change between the two dates rather than individual trades.
Alphabet’s SpaceX Class A position: 551,189,500 shares valued at $94.18B on 30 June and 555,043,560 shares valued at $83.73B on 30 September (13F filings); about $74.53B at SpaceX’s 6 November close of $134.27, by our arithmetic.
Our Numbers
3,854,060 shares at $150.86 is $581.4 million; at $134.27 it is $517.5 million. The full 555,043,560-share position was worth about $74.53 billion at the 6 November close, by our arithmetic, up from about $68.61 billion at the 5 November close of $123.62.
Connecting the Coverage
We reported the 555 million-share position and its value when Google executive Don Harrison left SpaceX’s board, effective 4 November (our piece), and the accounts Elon Musk and SpaceX’s filing gave of that departure (our piece). The same Q3 13F also shows Alphabet’s new Qualcomm stake (our piece). The filings do not connect the share increase to the board change, and neither do we.
The Structural Read
As we read the filings, the share count and the value moved in opposite directions in the quarter: 0.70% more shares, by our arithmetic, at a quarter-end price $20.00 lower per share, $150.86 against $170.86.
As we read the size of the change, the added shares were worth about $517.5 million at SpaceX’s 6 November close, by our arithmetic, against a full position of about $74.53 billion at the same close.
As we read the timing, the 30 September filing was signed on 5 November and filed on 6 November, after Don Harrison’s board resignation took effect on 4 November; the filing does not mention the board.
Alphabet Form 13F-HR, quarter ended 30 September 2026
“SPACE EXPLORATION TECHN CORP | CLASS A COM STK | CUSIP 84615Q103”
Three Implications
FOR ALPHABET Its 13F lists 555,043,560 SpaceX Class A shares with sole voting authority at 30 September.
FOR SPACEX Nasdaq’s official closes put the stock at $150.86 on 30 September and $134.27 on 6 November.
FOR READERS OF 13FS The filings show quarter-end holdings only; they do not show purchase prices, dates or the route by which shares were added.
The analysis says: “The job of any operator, investor, or builder is to know which layer they are operating inside and which layer the binding constraint is rotating toward next.”
As we read it, a holder of a launch-and-compute company sits across more than one layer of that map. The analysis does not discuss Alphabet’s SpaceX stake.
What Is Not Established
The 13F gives quarter-end holdings only. It does not show the purchase price, the dates of any purchases, whether the shares came from the market or another route, or any holdings after 30 September. Alphabet has not commented on the change in anything we read.
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Alphabet’s 13F filings show its SpaceX Class A holding rose by 3,854,060 shares in the third quarter, to 555,043,560. At SpaceX’s 6 November close the added shares were worth about $517.5 million and the full position about $74.53 billion, by our arithmetic.
A note on sourcing. Holdings and values are from Alphabet’s Form 13F-HR filings for the quarters ended 30 June and 30 September 2026, on SEC EDGAR. Closing prices are Nasdaq’s official closes. Share changes, per-share values and dollar figures at other dates are our arithmetic. This is not investment advice.
Gennaro Cuofano is a CRO and tech executive who has worked in AI since late 2015, starting with bringing NLP, natural-language generation, voice and chatbot products to the marketing industry. His background is in law and finance: he holds a Master's degree in Law and an International MBA with an emphasis on corporate finance (LUISS Business School and the University of San Diego, 2012), and worked as a financial analyst at a real-estate investment firm in San Diego and as an assistant controller. His work focuses on business model strategy, business engineering and, more broadly, structural analysis: how companies make money, read from their own filings. He created FourWeekMBA and leads research there and at The Business Engineer, his newsletter on AI and business strategy, with over 95,000 subscribers and more than 1,000 published analyses. His writing has also appeared on Entrepreneur (for example, How to Digitize a Family Business in Europe) and HackerNoon. Find him on LinkedIn and Substack. See how we source.
