While tech giants Alphabet and Nvidia currently hold larger stakes in SpaceX than institutional powerhouses BlackRock and Vanguard, this dynamic is poised for a significant shift. With upcoming share unlocks and the potential inclusion of SpaceX in the S&P 500 by June 2027, the company’s public float will expand, leading index funds and ETFs to dramatically increase their holdings.
Despite the influx of available shares, the transition in ownership from early corporate and venture capital investors to broad institutional portfolios is expected to be a gradual process, rather than an immediate sell-off by existing stakeholders.
While you can now trade Space Exploration Technologies (SPCX) on the Nasdaq, the vast majority of its shares have long been held by early investors. Following its initial public offering (IPO) on June 12, which released 639 million shares (approximately 5% of the total), another significant wave of 911.5 million shares became eligible for sale on August 6. More unlocks are expected in the coming months, offering early backers the option, though not the obligation, to divest.
Naturally, this has sparked curiosity among investors about who currently holds the largest stakes. Recent second-quarter 2026 Form 13F filings submitted to the Securities and Exchange Commission have shed light on major SpaceX shareholders, revealing high-profile corporations, hedge funds, asset managers, venture capital firms, and even esteemed endowments like Harvard and the University of California.
Currently, tech titan Alphabet (GOOG, GOOGL) stands as the second-largest SpaceX holder behind founder and CEO Elon Musk, boasting an impressive 551,189,500 shares. Another significant early investor, Nvidia (NVDA), holds 122,764,805 shares.
As of July 28, SpaceX's total share count stood at 13,181,779,945 (comprising 7,696,293,669 Class A and 5,485,486,276 Class B shares). This translates to a 4.2% stake for Alphabet and a 0.9% stake for Nvidia. These figures are considerably higher than those held by institutional giants: BlackRock (BLK) reported 51,037,137 SpaceX shares, while Vanguard Capital Management and Vanguard Portfolio Management held 26,556,713 and 10,225,389 shares, respectively.
So, why do Alphabet and Nvidia command such substantial early positions in SpaceX, and why are major investment management firms poised to significantly increase their holdings in the near future? Furthermore, will the much-anticipated unlocking of SpaceX shares truly be the seismic event some investors are expecting?
The Early Backers of SpaceX
The latest 13F filings provide a snapshot of current SpaceX ownership by major players, though they don't necessarily detail recent purchases.
Alphabet's substantial stake dates back to a $900 million investment in SpaceX in 2015 – a move that proved remarkably prescient. Nvidia's shares, on the other hand, trace back to a $10 billion investment in xAI in January, which was subsequently converted into SpaceX shares when SpaceX acquired xAI in February. Both companies, therefore, were significant stakeholders long before SpaceX's public debut. In contrast, firms like BlackRock and Vanguard are primarily acquiring SpaceX shares on behalf of their diverse client bases, many of whom are retail investors buying post-IPO.
This dynamic highlights an impending shift: SpaceX ownership is transitioning from its initial venture capitalists and corporate backers to a broader base of new investors purchasing shares on the Nasdaq.
BlackRock and Vanguard, known as the largest institutional holders for most public companies due to their dominance in index funds and exchange-traded funds (ETFs), are illustrative. For context, their combined holdings in Microsoft and Apple are 17% and 16.8% respectively, dwarfing their current SpaceX positions.
A Gradual Evolution in Ownership
SpaceX's public float – the number of shares available for public trading – is set to expand as more shares are unlocked and enter the Nasdaq. This growth will naturally prompt investment management firms like BlackRock and Vanguard to increase their stakes. Indeed, nine Vanguard ETFs initiated positions in SpaceX in June, and these holdings are expected to grow further as insiders potentially sell and SpaceX's market capitalization increases.
The real acceleration in institutional ownership is anticipated once SpaceX is inducted into the S&P 500 (^GSPC), which could occur as early as June 2027. At that point, numerous S&P 500 index funds and ETFs will automatically begin acquiring SpaceX shares, significantly boosting demand.
However, investors should temper expectations for a sudden flood of shares. History shows that insiders often retain substantial positions even decades after a company goes public; for instance, Larry Ellison still holds approximately 40% of Oracle. All SpaceX shares are slated for unlock by December, with the exception of those held by insiders like Elon Musk, whose shares will unlock in June 2027. Eventually, it's highly probable that BlackRock and Vanguard will surpass Alphabet and Nvidia's current stakes.
Yet, even if all non-insider shares were magically unlocked today, it's unlikely that Alphabet, Nvidia, or prominent early investors like Ron Baron would immediately offload massive positions. Similarly, Musk is expected to maintain a sizable stake, and major Tesla investors like Cathie Wood are likely to build their positions. Instead, the bulk of the shares traded on the Nasdaq are anticipated to come from hedge funds, venture capitalists who participated in SpaceX's multiple funding rounds since 2002, and employees with restricted stock units.
In summary, the unlocking of SpaceX shares is a significant development, but the shift in float and the substantial increase in holdings by major investment management firms like Vanguard and BlackRock on behalf of their clients are likely to be a gradual process, not an immediate overnight transformation.
