What Google's 13F actually holds
SpaceX went public on June 12, 2026 — and Alphabet's 551 million shares walked straight into the 13F. A filing that was $4.02B in March is $99.08B in June. SpaceX is 95% of it, and Alphabet can't sell a share yet.
§1 · Full Portfolio MovementEvery single Google's Secret Stock Holdings
Every position reported in any of the last five 13F-HR filings, Q2 2025 through Q2 2026. Values in $M, taken line-by-line from the SEC information tables (accession numbers in the footnotes) and summed by CUSIP across sub-managers. Every column reconciles to the SEC cover-page total to the dollar. "—" = not yet held; "$0" = exited.
| Company | Tkr | Sector | Q2 '25 | Q3 '25 | Q4 '25 | Q1 '26 | Q2 '26 | Move |
|---|---|---|---|---|---|---|---|---|
| Holdings at June 30, 2026 · ranked by value | ||||||||
| Space Exploration TechnologiesLaunch · Starlink · xAI · IPO'd June 12, 2026 | SPCX | Space/Satellite | — | — | — | — | $94,176.2 | New |
| Planet Labs PBCEarth observation / satellite data | PL | Space/Satellite | $194.9 | $414.6 | $629.9 | $985.2 | $1,167.8 | Hold |
| AST SpaceMobile Inc.Direct-to-cell satellite broadband | ASTS | Space/Satellite | $417.9 | $438.9 | $649.6 | $741.1 | $794.7 | Hold |
| CME Group Inc.Derivatives / financial exchange infra | CME | Financials | — | — | — | $1,029.0 | $769.4 | Hold |
| ARM Holdings PLCCPU IP / semiconductor architecture | ARM | Semis | $317.1 | $277.4 | $214.3 | $296.6 | $695.2 | Hold |
| Revolution Medicines Inc.Oncology / RAS-targeted therapies | RVMD | Biotech | $152.1 | $193.0 | $266.4 | $320.2 | $551.8 | Trim |
| Freshworks Inc.SaaS / customer engagement | FRSH | Software | $241.6 | $190.8 | $198.5 | $130.1 | $164.0 | Hold |
| Parabilis Medicines Inc.Helicon peptide therapeutics · IPO'd June 11, 2026 | PBLS | Biotech | — | — | — | — | $134.6 | New |
| Tempus AI Inc.Precision medicine / clinical AI | TEM | HealthTech | $98.6 | $125.2 | $91.6 | $70.1 | $89.9 | Hold |
| GitLab Inc.DevSecOps platform | GTLB | Software | $122.9 | $122.8 | $102.3 | $59.0 | $83.2 | Hold |
| UiPath Inc.Enterprise RPA / automation | PATH | Software | $90.0 | $94.1 | $115.3 | $78.1 | $76.5 | Hold |
| Ethos Technologies Inc.Life-insurance platform · IPO'd Jan 29, 2026 | LIFE | Insurtech | — | — | — | $42.1 | $65.7 | Trim |
| Prime Medicine Inc.Gene editing / prime editing | PRME | Biotech | $37.2 | $91.8 | $57.5 | $57.6 | $61.1 | Hold |
| Fervo Energy Co.Enhanced geothermal · IPO'd May 13, 2026 | FRVO | Energy | — | — | — | — | $51.5 | New |
| PayPay Corp.Japanese payments app (SoftBank) · ADS · IPO'd Mar 12, 2026 | PAYP | Fintech | — | — | — | $66.7 | $44.8 | Hold |
| Maze Therapeutics Inc.Precision genetic medicines | MAZE | Biotech | $29.6 | $62.6 | $57.5 | $41.4 | $41.4 | Hold |
| Relay Therapeutics Inc.Computational drug discovery | RLAY | Biotech | $5.4 | $8.2 | $13.3 | $15.6 | $26.4 | Trim |
| BridgeBio Oncology TherapeuticsOncology · de-SPAC'd Q3 2025 | BBOT | Biotech | — | $32.7 | $35.3 | $25.3 | $21.5 | Hold |
| Oscar Health Inc.Tech-first health insurer | OSCR | Insurtech | $10.3 | $9.1 | $6.9 | $5.5 | $13.7 | Hold |
| Beam Therapeutics Inc.Base editing | BEAM | Biotech | $5.5 | $7.8 | $8.9 | $7.7 | $11.0 | Hold |
| Vera Therapeutics Inc.Immunology / IgA nephropathy | VERA | Biotech | $5.7 | $7.0 | $12.2 | $9.7 | $10.4 | Hold |
| Sana Biotechnology Inc.Engineered cell therapies | SANA | Biotech | $7.7 | $10.0 | $11.4 | $8.1 | $9.8 | Hold |
| Monte Rosa Therapeutics Inc.Molecular glue degraders | GLUE | Biotech | $6.6 | $10.8 | $11.7 | $11.3 | $9.0 | Trim |
| Lyell Immunopharma Inc.Cell therapy / solid tumors | LYEL | Biotech | $2.6 | $4.8 | $9.0 | $5.9 | $4.1 | Hold |
| Figma Inc.Product design collaboration · IPO'd Q3 2025 | FIG | Software | — | $11.2 | $8.1 | $4.6 | $3.9 | Hold |
| Spero Therapeutics Inc.Anti-infectives | SPRO | Biotech | $2.6 | $1.7 | $2.1 | $2.1 | $2.0 | Hold |
| Hyperfine Inc.Portable MRI | HYPR | MedDevice | $0.6 | $1.3 | $0.9 | $1.0 | $1.2 | Hold |
| Autolus Therapeutics PLCCAR-T | AUTL | Biotech | $1.6 | $1.1 | $1.4 | $1.0 | $1.1 | Hold |
| Exited during the window · flagged if held <4Q | ||||||||
| Tenaya Therapeutics Inc.Cardiac gene therapy · exited Q2 2026 | TNYA | Biotech | $0.6 | $1.5 | $0.7 | $0.6 | $0 | Exited |
| DexCom Inc.Continuous glucose monitoring · exited Q1 2026 | DXCM | MedDevice | $90.5 | $69.8 | $68.8 | $0 | $0 | Exited |
| Exact Sciences Corp.Molecular dx · acquired by Abbott 3/20/26 | EXAS | Diagnostics | $1.2 | $1.3 | $2.4 | $0 | $0 | Exited |
| GeneDx Holdings Corp.Genomic testing · exited Q1 2026 | WGS | Diagnostics | $2.1 | $2.4 | $3.0 | $0 | $0 | Exited |
| Quince / Fulcrum / RepligenTail residuals · exited Q1 2026 | QNCX·FULC·RGEN | Biotech | $0.4 | $0.5 | $0.9 | $0 | $0 | Exited |
| Metsera Inc.Obesity / metabolic · acquired by Pfizer, Nov 2025 | MTSR | Biotech | $141.2 | $198.0 | $0 | $0 | $0 | Exited |
| Dianthus / Foghorn / Taysha / TScan / Fractyl / Barinthus / AlectorSeven small biotech tails · all exited Q4 2025 | DNTH·FHTX·TSHA·TCRX·GUTS·BRNS·ALEC | Biotech | $12.1 | $18.2 | $0 | $0 | $0 | Exited |
| Verve Therapeutics Inc.Gene editing · exited Q3 2025 Peak: Q4'21 top-3 | VERV | Biotech | $136.7 | $0 | $0 | $0 | $0 | Exited |
| SEC reported total | $2,135.2 | $2,408.6 | $2,579.8 | $4,015.6 | $99,082.1 | |||
| Holdings count (unique issuers) | 36 | 37 | 29 | 26 | 28 | |||
Reconciliation note: every cell is the SEC information-table value for that CUSIP, summed across sub-manager line items (Freshworks, for example, is reported on two lines). Column sums equal the cover-page tableValueTotal exactly: $2,135,229,735 · $2,408,574,709 · $2,579,790,897 · $4,015,568,781 · $99,082,057,675. Line-item counts on the cover pages (39 / 40 / 32 / 27 / 29) exceed the unique-issuer counts shown because of multi-manager splits. No 13F-HR/A amendments and no confidential-treatment omissions were filed for any of the five quarters.
Alphabet Inc. is a 13F filer under CIK 0001652044, File No. 028-22702. Its most recent Form 13F-HR reports on the quarter ended June 30, 2026, filed August 6, 2026 and signed by Marsida Saraci (VP, Corporate Controller and Principal Accounting Officer). 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. Q3 2025 included all five; every filing since Q1 2026 has included three (GV, Google LLC, CapitalG II). 29 line items, 28 unique issuers, $99,082,057,675.
The structural change this quarter: per the prompt's clause (c), SpaceX has crossed from the private-market book into the 13F. Through Q1 2026 it sat in Note 3 of the 10-Q as a "non-marketable equity security." After the June 12 IPO it became a Section 13(f) security, reported by Google LLC at $94.18B. Anthropic remains off-13F — still private, still in Note 3 — and gets its own callout after §5.
§2 · Top HoldingsRanked by Q2 2026 value
One position is 95% of the book. Strip SpaceX out and the remaining $4.91B looks like the portfolio you've seen for five quarters — space data, CME, ARM, and the GV biotech tail — up 22% on price with almost no share movement. The Q2 story is a reclassification, not a reallocation.
Space Exploration Technologies Corp.
Google led SpaceX's January 2015 round with roughly $900M — a ~100× mark in eleven years. The stake is held by Google LLC (sub-manager 028-22705) and is disclosed at 7.2% of Class A on the August 14 Schedule 13G (7,696,293,669 Class A shares outstanding at 7/28/26); Musk's super-voting Class B takes the fully-diluted economic stake to ~4.9%. None of it is sellable yet: the 10-Q flags $80.0B under short-term IPO restrictions and $14.1B restricted through Q3 2027. Treat this as a strategic holding that happens to be marked to market, not a trade.
Planet Labs PBC
Six straight quarters of value growth ($194.9M → $1,167.8M) with the last share add in Q1 2026. Planet is both a Google Cloud customer and a geospatial-data supplier — the "buy the equity when we buy the compute" pattern. Now the largest position in the ex-SpaceX book, ahead of AST and CME.
AST SpaceMobile Inc.
The 2020 commercial-plus-equity agreement position. Not a single share has moved across the five-quarter window; value has nearly doubled on price. The irony this quarter: Alphabet now holds $94B of Starlink's parent alongside $0.8B of Starlink's direct-to-cell challenger.
CME Group Inc.
Last quarter's headline — a fresh $1.03B build that vaulted to #1 — is unchanged in share count and down 25% in value purely on CME's share price. Google took a $1B strategic stake in CME in November 2021 alongside a 10-year cloud partnership migrating CME's clearing and trading onto GCP; that stake sat in the non-marketable book. The public-market position is held via Google LLC and appears to be a distinct treasury allocation.
ARM Holdings PLC
The September 2023 IPO cornerstone allocation (alongside Apple, Nvidia, and Samsung). The 1,960,784 shares have never moved; the position's value more than doubled in Q2 on ARM's share price. Strategic fit is unchanged — ARM underpins Android and Alphabet's custom silicon roadmap.
Revolution Medicines Inc.
GV's largest public biotech, from a Series A/B seat. The second consecutive quarterly trim (−2% in Q1, −10.5% in Q2) into a stock that nearly doubled — value still rose 72% Q/Q. Reads as disciplined profit-taking on a position that has become outsized inside the GV book, not a thesis change.
§3 · AddsNew & >25% adds — Q2 2026
§4 · Exits & TrimsLatest quarter — Q2 2026
§5 · ThemesHow the $99B is actually deployed
Read this two ways. Headline: Alphabet's 13F is a SpaceX position with a $4.9B side pocket. Ex-SpaceX: a barbell of strategic public stakes (space data, CME, ARM) and the GV/Verily biotech tail, plus a new power-for-AI line in Fervo. Six themes below sum to the SEC total.
Space & Satellite
97.0% of the 13F. The 2015 SpaceX bet plus two commercial partners in earth observation and direct-to-cell. Every one of these is a Google Cloud or Google Services counterparty as well as a holding.
- SpaceX$94,176.2M
- Planet Labs$1,167.8M
- AST SpaceMobile$794.7M
Semis & Enterprise SaaS
The ARM IPO cornerstone plus CapitalG's growth-stage software cohort. No share movement in five quarters; ARM's price more than doubled in Q2 and now dominates the bucket.
- ARM$695.2M
- Freshworks$164.0M
- GitLab$83.2M
- UiPath$76.5M
- Figma$3.9M
GV / Verily Biotech Book
The public tail of GV's private biotech portfolio. Still consolidating — one exit and four trims this quarter — but Parabilis is the first new biotech line since BridgeBio Oncology in Q3 2025, and RVMD alone is 62% of the bucket.
- Revolution Medicines$551.8M
- Parabilis Medicines$134.6M
- Prime Medicine$61.1M
- Maze / Relay / BridgeBio Onc.$89.3M
- Beam / Vera / Sana / Monte Rosa / Lyell / Spero / Autolus$47.4M
Financial Infrastructure
The Q1 2026 CME build, unchanged in shares and marked down on price, plus a small allocation in PayPay — SoftBank's Japanese payments app, taken at its March Nasdaq listing. Both are GCP financial-services customers.
- CME Group$769.4M
- PayPay$44.8M
HealthTech & Insurtech
Tempus is the standalone clinical-AI position that pattern-matches Isomorphic Labs' thesis. Ethos (life insurance) and Oscar (health insurance) are GV-vintage insurtech lines — Ethos is new since January and already being lightly trimmed.
- Tempus AI$89.9M
- Ethos Technologies$65.7M
- Oscar Health$13.7M
- Hyperfine$1.2M
Energy for AI
New theme. Fervo is Google's geothermal power supplier for Nevada data centers, and the equity came in at the May IPO. Small, but it's the first time Alphabet's 13F has held a power producer — worth watching as the data-center energy constraint bites.
- Fervo Energy$51.5M
Even at $99B, the 13F is still the smaller half of Alphabet's investment book
SpaceX has now crossed into the 13F, but the position doing the most balance-sheet work is still private. Alphabet's non-marketable equity securities under the measurement alternative were $124.3B at June 30, 2026 per the Q2 10-Q, up from $68.7B at year-end — and that figure now excludes SpaceX. Bloomberg reporting attributes the overwhelming majority of it to Anthropic. The 10-Q doesn't name Anthropic; the numbers below combine the filing with Tier-1 press.
Anthropic PBC
Preferred + convertible; not a 13(f) security. Roughly 14% ownership (Bloomberg / Motley Fool), contractually capped at 15%. April 2026: $40B commitment ($10B upfront, remainder milestone-tied). May 2026: Anthropic closed a $65B round at a $965B valuation — the mark that drove the Q2 step-up. IPO reportedly moved from October to November 2026 at a targeted ~$2T valuation (WSJ, Sep 18). At $2T, a 14% stake would mark to ~$280B — on paper.
SpaceX — graduated to the 13F
Through Q1 2026 this was a Note 3 non-marketable line (part of the $101.3B at 3/31/26). Post-IPO it is a marketable equity security: $80.0B in short-term lock-up plus $14.1B restricted through Q3 2027 (10-Q). The remeasurement is why Alphabet reported $97.98B of other income and $112.2B of net income in Q2 2026, and $135.8B of six-month gains on debt and equity securities — the largest paper quarter in company history.
Total investment book, marketable + non-marketable equity: the Q2 10-Q carries $101.2B of marketable equity securities (of which SpaceX is $94.1B) plus $124.3B non-marketable — roughly $225B, against a $99.1B 13F. The 13F now covers about 44% of the equity book, versus ~4% a quarter ago.
Reconciliation & sources
- Edition note: this is the Q2 2026 edition of the Alphabet 13F deep-dive. The July 2026 edition (Q1 2026 filing) is preserved unchanged. The five-quarter window has rolled forward one quarter (Q1 2025 dropped, Q2 2026 added), and all position-level values are now taken directly from the SEC information tables rather than press readouts. Against the July edition that corrects four items: the "PayPal (PYPL)" line was in fact PayPay Corp (PAYP), CUSIP 70450C101, $66.7M in Q1 2026; the "LifeStance (LIFE)" line was Ethos Technologies (LIFE), $42.1M; Metsera was exited in Q4 2025 on the Pfizer acquisition, not trimmed through Q1 2026; and the July edition's Q1 2026 estimates (Planet Labs, Tempus, GitLab, Prime Medicine and others) are replaced here by exact values.
- 13F-HR information tables and cover pages, SEC EDGAR, CIK 0001652044: Q2 2025 accession 0001652044-25-000063 (filed 8/1/25); Q3 2025 0001652044-25-000096 (11/7/25); Q4 2025 0001652044-26-000023 (2/13/26); Q1 2026 0001652044-26-000051 (5/8/26); Q2 2026 0001652044-26-000073 (8/7/26 EDGAR acceptance; signed 8/6/26 by Marsida Saraci, VP Corporate Controller and Principal Accounting Officer). Values are reported in whole dollars; shown here in $M.
- Sub-manager mapping from each filing's
otherManagerindex: 1 = GV Management Company (028-22704), 2 = Google LLC (028-22705), 3 = CapitalG II LP (028-22706). SpaceX, Planet Labs, AST SpaceMobile, CME, ARM, Tempus, PayPay and Fervo are held by Google LLC; the biotech, Ethos and Oscar lines by GV; UiPath and part of Freshworks by CapitalG II. - Non-marketable equity securities ($124.3B at 6/30/26; $68.7B at 12/31/25), marketable equity securities ($101.2B), SpaceX lock-up disclosure ($80.0B / $14.1B), Q2 other income ($97,983M), net income ($112,193M), six-month gain on debt and equity securities ($135,803M): Alphabet Form 10-Q for the quarter ended June 30, 2026, accession 0001652044-26-000071, Note 3 and the income and cash-flow statements.
- SpaceX ownership: Schedule 13G filed August 14, 2026 by Google LLC, XXVI Holdings Inc. and Alphabet Inc. — 551,189,500 Class A shares, 7.2% of 7,696,293,669 Class A shares outstanding at 7/28/26. Fully-diluted ~4.9% and the January 2015 ~$900M cost basis per Motley Fool (Aug 13, 2026) and Seeking Alpha. IPO June 12, 2026 at $135 per share.
- Anthropic: ~14% ownership and attribution of the $124.3B non-marketable balance per Bloomberg via Motley Fool (Sep 24, 2026); $65B round at $965B post-money (May 2026) and IPO timing (WSJ, Sep 18, 2026) via CNBC, Fortune and Yahoo Finance; April 2026 $40B commitment per Alphabet press coverage. Alphabet's 10-Q does not name Anthropic.
- IPO dates and tickers for new lines: Parabilis Medicines (PBLS, June 11, 2026, $20), Fervo Energy (FRVO, May 13, 2026, $27), PayPay (PAYP, March 12, 2026, $16 per ADS), Ethos Technologies (LIFE, January 29, 2026, $19) — issuer press releases and SEC 424B4 prospectuses. Implied 6/30 prices are 13F value ÷ shares.
- The 13F does not disclose put/call options or short positions. All positions are coded "DFND" discretion with shared voting authority across the umbrella. No confidential-treatment omissions were claimed in any of the five filings.
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