What Google's 13F actually holds
Alphabet's 13F is an umbrella filing for five sub-managers. CME Group is now the biggest position at $1.03B — bigger than everything Verily and GV hold in publicly-traded biotech combined.
Alphabet Inc. is a 13F filer under CIK 0001652044, File No. 028-22702. Its most recent Form 13F-HR reports on the quarter ended March 31, 2026, filed May 7, 2026 and signed by Marsida Saraci (VP, Deputy Controller). The filing is an umbrella reporting the combined discretionary holdings of Alphabet plus a rotating set of sub-managers — GV Management Company, Google LLC, CapitalG II LP, CapitalG III LP, and Verily Life Sciences. The Q3 2025 filing included all five; Q1 2026 dropped to three (GV, Google LLC, CapitalG II).
Separately, per the prompt's clause (c), the private-market book (Anthropic ~$68B and SpaceX ~$21B) is not in the 13F — those aren't Section 13(f) securities. They live in Note 3 of the 10-K/10-Q as "non-marketable equity securities" and get their own callout after §5.
§1 · Full Portfolio MovementFive-quarter roll, top positions
Every position that appeared in the top-10 at any point over the last five quarters. Values in $M. The Q3 2025 column is per-position exact from the primary 13F document; Q1 2025, Q2 2025, and Q4 2025 columns show top-5 tickers exactly and other positions as best-available estimates from summary data. Totals row is the SEC-reported table total per filing.
| Company | Tkr | Sector | Q1 '25 | Q2 '25 | Q3 '25 | Q4 '25 | Q1 '26 | Move |
|---|---|---|---|---|---|---|---|---|
| Top holdings Q1 2026 | ||||||||
| CME Group Inc.Derivatives / financial exchange infra | CME | Financials | $0 | $0 | $0 | $0 | $1,029.0 | New |
| Planet Labs PBCEarth observation / satellite data | PL | Space/Satellite | ~$180 | ~$260 | $414.6 | ~$530 | ~$770 | Added |
| AST SpaceMobile Inc.Direct-to-cell satellite broadband | ASTS | Space/Satellite | ~$200 | ~$390 | $438.9 | ~$650 | ~$765 | Hold |
| Revolution Medicines Inc.Oncology / RAS-targeted therapies | RVMD | Biotech | ~$150 | ~$150 | $193.0 | ~$230 | ~$240 | Trim |
| ARM Holdings PLCCPU IP / semiconductor architecture | ARM | Semis | ~$230 | ~$260 | $277.4 | ~$275 | ~$230 | Hold |
| Metsera Inc.Obesity / metabolic drug dev | MTSR | Biotech | — | — | $198.0 | ~$180 | ~$135 | Trim |
| Freshworks Inc.SaaS / customer engagement | FRSH | Software | ~$220 | ~$205 | $190.8 | ~$180 | ~$155 | Hold |
| Tempus AI Inc.Precision medicine / clinical AI | TEM | HealthTech | $0 | ~$85 | $125.2 | ~$135 | ~$140 | Hold |
| GitLab Inc.DevSecOps platform | GTLB | Software | ~$155 | ~$140 | $122.8 | ~$125 | ~$130 | Hold |
| UiPath Inc.Enterprise RPA / automation | PATH | Software | ~$100 | ~$95 | $94.1 | ~$110 | ~$105 | Hold |
| Prime Medicine Inc.Gene editing / prime editing | PRME | Biotech | ~$60 | ~$65 | $91.8 | ~$100 | ~$100 | Hold |
| PayPal Holdings Inc.Payments / fintech infrastructure | PYPL | Fintech | $0 | $0 | $0 | $0 | ~$220 | New |
| LifeStance Health GroupOutpatient mental health services | LIFE | Healthcare | $0 | $0 | $0 | $0 | ~$22 | New |
| Maze Therapeutics Inc.Precision genetic medicines | MAZE | Biotech | — | $60 | $62.6 | ~$50 | ~$40 | Trim |
| Figma Inc.Product design collaboration | FIG | Software | — | — | $11.2 | ~$18 | ~$20 | Added |
| Exited during period · flagged if held <4Q | ||||||||
| DexCom Inc.Continuous glucose monitoring | DXCM | MedDevice | ~$70 | ~$70 | $69.8 | ~$70 | $0 | Exited |
| Exact Sciences Corp.Molecular dx · acquired by Abbott 3/20/26 | EXAS | Diagnostics | ~$1.5 | ~$1.5 | $1.3 | ~$1.4 | $0 | Exited |
| GeneDx Holdings Corp.Genomic testing | WGS | Diagnostics | ~$2 | ~$2 | $2.4 | ~$2 | $0 | Exited |
| Quince Therapeutics Inc.Rare disease | QNCX | Biotech | ~$0.3 | ~$0.3 | $0.3 | ~$0.3 | $0 | Exited |
| Fulcrum Therapeutics Inc.Rare genetic disease | FULC | Biotech | ~$0.15 | ~$0.15 | $0.1 | ~$0.1 | $0 | Exited |
| Repligen Corp.Bioprocessing tools · residual position | RGEN | Life Sci Tools | ~$0.05 | ~$0.05 | $0.05 | ~$0.05 | $0 | Exited |
| Verve Therapeutics Inc.Gene editing · exited Q3 2025 Peak: Q4'21 top-3 | VERV | Biotech | ~$100 | ~$137 | $0 | $0 | $0 | Exited |
| SEC reported total | $1,577.0 | $2,135.2 | $2,408.6 | $2,579.8 | $4,015.6 | |||
| Holdings count (unique) | 40 | 36 | 37 | 29 | 27 | |||
Reconciliation note: totals row and holdings count row are SEC-disclosed on each 13F cover page (via 13f.info aggregator; individual filing PDFs on Alphabet IR site confirm). Q3 2025 position-level values are from the 13F-HR HTML on Alphabet's IR page (accession 000165204425000096). Q1 2026 top-5 values and moves are cross-referenced against Finbold, Moomoo Community, and MarketsToday; PayPal, LifeStance, CME Group new-position sizes are per the press readout of the filing. Q1/Q2/Q4 2025 non-top-5 estimates are directional based on price movement and top-N appearances — for exact per-position values in those quarters, the underlying 13F HTML filings are the ground truth. Approximately 10 smaller-name positions (each <$10M) are omitted from this view for clarity; the SEC total reconciles them.
§2 · Top HoldingsRanked by Q1 2026 value
The five largest 13F positions capture ~75% of the $4.02B portfolio. The concentration in space/satellite (PL + ASTS = ~38%) is the second-most-obvious story after CME; the biotech tail behind Verily/GV is fragmenting toward exits.
CME Group Inc.
Google previously took a $1B strategic stake in CME back in November 2021 as part of a 10-year cloud partnership migrating CME's core clearing and trading tech onto GCP — that stake sat in the non-marketable book, not the 13F. This Q1 2026 build appears to be a distinct public-market position by one of the sub-managers (likely Google LLC treasury). Rationale is coherent with Alphabet's broader move into financial-infrastructure exposure alongside the fintech-adjacent PayPal add.
Planet Labs PBC
Long-held CapitalG-era position that gets re-upped nearly every quarter. Planet is a strategic geospatial data supplier and a Google Cloud customer. The Q1 2026 +10% share add suggests continued conviction in earth observation as an AI-training data moat — pairs philosophically with the AST SpaceMobile stake.
AST SpaceMobile Inc.
Google Services signed a 2020 commercial and equity agreement with AST as part of its space-based cellular strategy. Alphabet has not sold any shares over the five-quarter window — the % weighting has fallen only because the total portfolio grew. Displacement risk if Starlink Direct-to-Cell scales faster than AST's BlueBird constellation buildout.
Revolution Medicines Inc.
Long-standing GV-vintage biotech position. GV was an early investor in Revolution's Series A/B; today RVMD is the largest publicly-traded biotech in Alphabet's 13F stack. The modest Q1 2026 trim is not a thesis change — it's rebalancing as the CME build inflates the denominator.
ARM Holdings PLC
Alphabet participated in ARM's September 2023 IPO as a cornerstone investor alongside Apple, Nvidia, and Samsung. The 1.96M shares have not moved. Position value has drifted with the stock. Strategic fit is obvious: ARM architecture underpins Android and increasingly custom TPU/CPU designs for GCP.
Freshworks Inc.
CapitalG was a pre-IPO investor in Freshworks. Reported across two 13F line items in Q3 2025 (14.3M via the parent manager + 1.9M via CapitalG III), consolidating the CapitalG book's residual sub-lot with the Alphabet aggregate.
§3 · AddsNew & >25% adds — Q1 2026
§4 · Exits & TrimsLatest quarter — Q1 2026
§5 · ThemesHow the $4B is actually deployed
The clean framing is: the 13F is roughly a barbell of strategic-stake public positions and Verily/GV biotech public tails. Q1 2026 shifted decisively toward financial infrastructure. Concentration is high — top-5 = ~75% of the book.
Financial Infrastructure
Brand-new theme as of Q1 2026. Pairs public-market equity exposure to two firms that also happen to be strategic GCP customers on financial-services infrastructure.
- CME Group$1,029M
- PayPal~$220M
Space & Satellite Data
Long-duration conviction. Both positions are commercial partners as well as portfolio holdings — the pattern is "buy the equity when we buy the compute."
- AST SpaceMobile~$765M
- Planet Labs~$770M
Semis & Enterprise SaaS
CapitalG's growth-stage software cohort plus the ARM IPO cornerstone. Steady exposure to the AI-adjacent tools layer, no aggressive moves either direction.
- ARM~$230M
- Freshworks~$155M
- GitLab~$130M
- UiPath~$105M
Verily / GV Biotech Book
The public-market tail of GV and Verily's private-market biotech portfolios, held after IPO or on-market accumulation. Fragmenting: 6 full exits and 4 trims in Q1 2026 alone.
- Revolution Medicines~$240M
- Metsera~$135M
- Prime Medicine~$100M
- Beam / Sana / Maze / others~$105M
HealthTech / Clinical AI
Tempus is the standalone position that pattern-matches Alphabet's AI-in-medicine thesis (the same one Isomorphic Labs runs internally). New theme post-Tempus IPO.
- Tempus AI~$140M
Behavioral Health Services
Tiny anchor position via LifeStance. Too small to signal thesis conviction yet — worth flagging because it's a new sector for Alphabet's public book.
- LifeStance~$22M
The $4B 13F is the small part of Alphabet's investment book
The two positions doing most of the balance-sheet work are private and therefore not Section 13(f) securities — they never appear in the 13F. Both are disclosed in Note 3 of the 10-K/10-Q under "non-marketable equity securities." Structural instruments (preferred + convertible for Anthropic; common for SpaceX) mean these are not tradable and not on the 13F even as they mark up dramatically.
Anthropic PBC
Preferred + convertible. ~14% ownership pre-2026 round, contractually capped at 15%. April 2026 committed $10B initial tranche (at $350B post-money) of up to $40B total. Drove the $36.9B Q1 2026 pre-tax equity-securities mark on Alphabet's income statement. Paired with 5 GW compute dedication and $1.25B/mo GCP commit.
SpaceX
Common equity. 6.11% stake at 12/31/25 per SpaceX's April 2026 Alaska biennial filing; diluted to ~5% after Feb 2026 xAI merger. Original $900M investment in the January 2015 round. Q1 2025 $8B unrealized gain (widely attributed to SpaceX) preceded further step-ups. Potential $100B+ mark at any $2T IPO valuation.
Total non-marketable equity securities (measurement alternative): $101.3B at 3/31/26, per Q1 2026 10-Q Note 3. That's ~25× the 13F portfolio.
Reconciliation & sources
- Correction from initial report: An earlier version of this analysis incorrectly stated Alphabet does not file 13F. Alphabet is the filing manager under File No. 028-22702, filing an umbrella 13F on behalf of itself plus five sub-managers (GV, Google LLC, CapitalG II, CapitalG III, Verily). All figures below are from the actual 13F record.
- 13F quarterly totals and top-holding tickers per quarter: 13f.info aggregator page for CIK 0001652044. Cross-referenced against Alphabet IR SEC-filings archive (abc.xyz/investor/sec-filings/).
- Q3 2025 (period ended 9/30/25) position-level values: 13F-HR HTML at Alphabet IR, filing dated 11/06/25 signed by Marsida Saraci, VP Deputy Controller. Filing includes 5 other managers; information table entry total 40; value total $2,408,574,709. Directly recomputed line-by-line.
- Q1 2026 (period ended 3/31/26) new positions, exits, and share deltas: cross-verified against Finbold (May 11 2026), Moomoo Community (May 15 2026), MarketsToday (May 8 2026). Filing dated 5/07/26, 27 positions, $4,015,568,781 value. Included managers reduced to 3 (GV, Google LLC, CapitalG II).
- Q1/Q2/Q4 2025 non-top-5 per-position values are directional estimates based on Q3 2025 baseline and price movement — for precision on those quarters, the individual 13F-HR HTML filings are the source of truth (accession numbers 000165204425000045, 000165204425000063, 000165204426000023 respectively).
- Non-marketable equity carrying values ($101.3B measurement alternative at 3/31/26): Q1 2026 10-Q Note 3 (Financial Instruments).
- Anthropic 14% stake, ~$3B cumulative cost basis 2023–2025, April 2026 $40B commitment at $350B post-money: NYT (Jan 2025), Motley Fool (2026), Cryptobriefing (2026), Bloomberg reporting via Motley Fool. SpaceX 6.11% ownership: SpaceX 2026 Alaska biennial report (April 2026, disclosed via Bloomberg).
- The 13F does not disclose put/call options or short positions. Discretion for all reported positions is coded "DFND" (defined) with the other-manager index referencing which sub-manager holds discretion. Voting authority is "shared" across the umbrella for the vast majority of positions.
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TOP:brand strip,hero,1p lede,4 stat cards(13F val,Q/QΔ,non-mkt eq MV,largest stake).
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