Google parent company Alphabet’s (GOOGL) early investment in Elon Musk’s SpaceX (SPCX) appears to have paid off.
Alphabet has disclosed that the $900 million U.S. investment it made in Elon Musk’s space company back in 2015 has risen 100-fold and is now worth $94 billion U.S.
Alphabet today is the largest institutional owner of SpaceX stock after the commercial space company’s June initial public offering (IPO).
A regulatory filing with the U.S. Securities and Exchange Commission (SEC) shows that Alphabet’s early investments in SpaceX has grown dramatically.
The filing shows that Alphabet owned 551.2 million SpaceX shares at the end of June this year, worth $94.20 billion U.S.
Other institutional owners of SpaceX stock include venture capital firm Gigafund Management, which owns 171.8 million shares, and asset manager BlackRock (BLK), which holds 51 million shares.
Interestingly, the fifth largest owner of SPCX stock is the Ontario Teachers’ Pension Plan, which holds 50.7 million shares worth $7.16 billion U.S. based on the current share price.
The top five owners of SpaceX stock, including Alphabet, account for the majority of all SpaceX’s available shares.
SpaceX issued a limited amount of stock in its IPO, leaving the shares concentrated in a handful of institutional investors as well as company founder and CEO Elon Musk.
Musk owns more than six billion SpaceX shares and controls 82% of the voting power in the commercial space company.
SpaceX went public on June 12 at an IPO price of $135 U.S. per share. Since then, the stock has been volatile and its share price has swung wildly.
SPCX stock closed at $141.29 U.S. per share on Aug. 14, which was 5% above the IPO price.
