SpaceX (SPCX) stock closed at $146.23 on Monday, up 4.5%, as a wave of institutional disclosure filings showed major investors holding large positions in the company.
Space Exploration Technologies Corp., SPCX
The S&P 500 and Dow Jones Industrial Average both fell around 0.5% on the same day, making SpaceX’s move stand out.
Nvidia disclosed that its SpaceX investment was valued at approximately $21 billion at the end of the second quarter. The chipmaker held 122.8 million Class A units, according to a filing with the SEC.
Alphabet revealed an even larger position. The Google parent disclosed a SpaceX stake worth roughly $94 billion at the end of June, up from an initial $900 million investment in 2015, a more than 100-fold increase. A Reuters analysis ranked Alphabet as the largest single institutional holder of SpaceX.
Harvard Management Co. reported a $2.2 billion position in SpaceX, representing a large portion of its disclosed $4.3 billion US equity portfolio. Norway’s sovereign wealth fund disclosed a 0.05% stake valued at just over $1.2 billion as of June 30.
Other investors disclosing positions include Fidelity Investments, Saudi Arabia’s Public Investment Fund, and Hancock Prospecting, controlled by Australian mining billionaire Gina Rinehart.
Supply and demand have shaped early trading in SPCX since its IPO. The stock dropped below $105 in July, well below its $135 IPO price, as investors were cautious ahead of potential selling by insiders.
About 319 million units held by early investors will unlock on Aug. 20. More than 700 million unlock in September, and over 650 million in October. By year-end, roughly 4.9 billion units will be available to trade, around 70% of the stock not held by Elon Musk.
The stock recovered after a strong Q2 earnings report on Aug. 4. SpaceX reported Q2 revenue of $7.8 billion, up 92% year over year. AI revenue surged 247%, including $1.6 billion from new cloud services agreements. SPCX rose 23% the week earnings were reported, then added another 5% the following week.
UBS reiterated a Buy rating and a $210 price target, pointing to SpaceX’s cloud services business and AI model development. The bank expects US Starlink subscribers to grow from around 3 million now to 20 million by 2031.
Phillip Securities is less convinced. The firm maintained a Sell rating and a $75 price target, flagging customer concentration risk. One AI customer accounted for 19.5% of Q2 revenue, up from less than 10% a year earlier. The company also posted an operating loss of $542 million in Q2.
Goldman Sachs forecasts the global space economy will hit $1.8 trillion by 2035. More than $36 billion was invested in the space sector in Q1 2026 alone, a record figure.
SpaceX’s IPO raised over $86 billion, making it the largest public offering in history.
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