Alphabet Inc. has expanded its equity stake in SpaceX while beginning payments under a major AI infrastructure agreement. A Form 13F filed with the U.S. Securities and Exchange Commission on November 6 shows Alphabet held 555,043,560 SpaceX Class A shares at September 30, an increase of 3,854,060 shares, or about 0.7 percent, from 551,189,500 shares on June 30.
The position was valued at $83.73 billion at the September 30 close, down from $94.18 billion at the end of June, a decline of about $10.44 billion, because SpaceX shares fell during the third quarter. Using the November 5 closing price of $123.62, the stake was worth approximately $68.6 billion. The SpaceX holding accounted for 94.78 percent of Alphabet's $88.35 billion disclosed 13F portfolio.
SpaceX stock closed Friday at $134.27, up 8.62 percent, after Elon Musk projected roughly 70 percent quarter-over-quarter revenue growth in the fourth quarter. That implies sales of about $24.82 billion. SpaceX reported third-quarter revenue of $14.6 billion, up 161 percent year over year, with net income of $4.4 billion and adjusted EBITDA of $8.8 billion. AI operations now supply more than half of group revenue, while the Super Intelligence segment generated $7.56 billion in third-quarter sales, up from $813 million a year earlier. Musk also said an annualized revenue pace above $500 billion by December 2027 was likely.
Alphabet also began monthly payments to SpaceX in October for Nvidia GPU capacity supporting its Gemini Enterprise AI platform. The deal covers approximately 110,000 Nvidia GPUs plus CPUs, memory and related equipment, with payments of about $920 million per month from October 2026 through June 2029. At the full run rate, the agreement represents about $11 billion in annualized costs. The agreement includes specific delivery and termination conditions; either party can terminate it with 90 days notice after December 31, 2026. Google has described the external compute as a temporary bridge to meet demand that exceeded expectations.
Despite Friday's rebound, SpaceX shares remained negative for the week and month, down about 0.33 percent from October 30 and roughly 21.90 percent from October 6. Deutsche Bank maintained a Buy rating and a $250 price target. Google executive Donald Harrison stepped down from SpaceX's board on November 4 after more than a decade of service. Alphabet's relationship with SpaceX dates back to 2015, when Google invested approximately $900 million.
