Alphabet’s 2015 investment in SpaceX has compounded into one of the most striking venture returns in corporate history. The Google parent is now the single largest institutional shareholder in Elon Musk’s rocket company following SpaceX’s IPO in June, sitting on a position worth roughly 94 billion dollars.

SpaceX listed on 12 June at 135 dollars per share, valuing the business at around 86 billion dollars at launch. A Reuters analysis of public quarterly filings found that Alphabet held 551.2 million SpaceX shares at the end of June, worth approximately 94.2 billion dollars based on the closing price of 170.86 dollars that day. At a more recent price of 141.29 dollars, the position had slipped to around 77.9 billion dollars, though that still represents a return of roughly 86.5 times Alphabet’s original outlay. As the Economic Times reported, that outlay was 900 million dollars, placed more than a decade ago when SpaceX was a closely held startup rather than a listed giant.

Other significant shareholders disclosed in the 13F filings include Fidelity Investments with 302.6 million shares, Gigafund Management with 171.8 million, Saudi Arabia’s Public Investment Fund with 154.1 million, Baillie Gifford with 51.4 million and BlackRock with 51 million. Gina Rinehart’s Hancock Prospecting held 8 million shares. The five largest reported holders account for nearly three-quarters of SpaceX’s disclosed shares. Elon Musk separately retains a 48.4 per cent stake in the company.

Analysts have flagged the limits of the 13F data. The filings capture positions as of 30 June and can be submitted up to six weeks after the quarter closes, meaning they reflect no subsequent trading activity. They also do not indicate lockup status or investors’ intentions regarding their pre-IPO gains. Steve Sosnick, market strategist at Interactive Brokers, told Reuters that distinguishing pre-IPO holders from post-listing buyers within the filings is extremely difficult.

SpaceX shares fell 3 per cent on the day reported but remain up around 30 per cent since early August. Retail investors turned net sellers for the first time since the IPO during the same period, offloading a net 4.5 million dollars’ worth of shares according to tracking firm Vanda Research, though institutional interest shows little sign of fading.