TLDR
- Alphabet’s 13F filing shows a new $548M Qualcomm position.
- It still holds about 555 million units of SpaceX stock, worth $83.7B on September 30.
- SpaceX fell about 11.7% in the quarter, from $170.86 to $150.86.
- The drop led to an $8.7B equity loss and cut third-quarter earnings by $0.55 per share.
- About $75.2B of the SpaceX stock faces short-term sale restrictions.
Alphabet (GOOGL) stock rose 0.78% Monday after its latest 13F filing showed a new $548 million Qualcomm stake. Qualcomm (QCOM) climbed 5.52%, and SpaceX (SPCX) gained 8.62%.
The filing, submitted November 6, also shows Alphabet still holds about 555 million units of SpaceX stock. That position was worth $83.7 billion on September 30.
SpaceX closed that day at $150.86, down from $170.86 at the end of June. That is a drop of about 11.7% over the quarter.
The SpaceX Stake Cuts Into Alphabet’s Earnings
Alphabet added roughly 3.85 million units during the quarter, lifting its total from 551.2 million. Even so, the value slid from $94.2 billion in June.
So it’s more stock, a lower price and a lower value. Alphabet first put about $900 million into SpaceX in 2015, so the long-term gain is still huge.
The stake makes up about 95% of what the 13F reports. A 13F only lists public holdings, so Alphabet’s private bets are not in it.
Third-quarter results show the cost. Alphabet booked an $8.7 billion loss on equity securities, compared with a $10.7 billion gain a year earlier.
CFO Anat Ashkenazi said on the earnings call that other income and expense was negative $8.2 billion, mostly from the unrealized SpaceX loss. The hit trimmed diluted earnings by $0.55 per share.
Alphabet earned $2.12 per share in the quarter, down from $2.87 a year ago. These are paper losses, since Alphabet sold nothing.
It also can’t sell freely right now. About $75.2 billion of its SpaceX stock faces short-term sale restrictions, and the filing gives no end date.
Qualcomm Joins the Portfolio
The new Qualcomm position is worth about $548 million and ranks sixth in the filing. Alphabet has not explained the purchase, and a 13F doesn’t say why.
The two companies already overlap. Qualcomm chips power nearly all high-end Android phones and Google’s Googlebook laptops, and they teamed up on automotive AI chips in 2024. They are also working to bring Gemini Intelligence to Snapdragon-powered devices.
There is a SpaceX link too. Qualcomm signed a multiyear deal to supply cellular equipment for Starlink Mobile base stations, starting in 2027.
Qualcomm’s last quarter was softer. Revenue fell 8% to $10.3 billion, and handset chip revenue dropped 26% to $5.14 billion.
The stake is under 1% of the SpaceX position. It is about 0.2% of Alphabet’s $265.1 billion in cash and marketable securities.
Alphabet also trimmed Ethos Technologies (LIFE), Revolution Medicines (RVMD) and Freshworks (FRSH). It exited GitLab (GTLB), Spero Therapeutics (SPRO) and Autolus Therapeutics (AUTL).
Alphabet’s next 13F is due in February.
