NEW YORK — SpaceX shares rose 6 percent on Aug. 17, pushing toward $150 as institutional ownership disclosures confirmed that some of the largest technology companies on earth have built enormous stakes in the company. The rally follows SpaceX's $60 billion acquisition of AI coding startup Cursor on Aug. 14 and a run of 13F filings that put hard numbers behind what had been largely private commitments.
Alphabet disclosed roughly 551 million SpaceX shares worth approximately $94 billion in a 13F-HR filing dated Aug. 7, making it the single largest SpaceX shareholder. The position traces to a $900 million investment Alphabet made in 2015. About $80 billion of the current holding remains under short-term lockup, with another $14.1 billion restricted through the third quarter of 2027—meaning the vast majority of Google's stake cannot be sold in the near term.
Nvidia's 13F showed approximately 122.76 million SpaceX shares valued near $21 billion, a stake that originated from Nvidia's earlier investment in xAI. That position makes Nvidia the fifth-largest SpaceX shareholder, behind Google, FMR and Gigafund Management. Nvidia shares ticked up 0.2 percent to $225.67 on the day—a modest move given the size of the disclosed position.
Harvard Management also filed a position, disclosing a $2.2 billion stake. Norway's sovereign wealth fund, which manages roughly $2 trillion in assets, separately disclosed a substantial SpaceX position. The clustering of university endowments and sovereign funds alongside major technology companies represents a breadth of institutional commitment uncommon for a company that only recently became publicly traded.
Alphabet's commercial relationship with SpaceX goes beyond equity ownership. The tech giant has agreed to pay SpaceX approximately $950 million per month to use its computing resources. That contractual arrangement gives SpaceX a recurring revenue stream tied directly to one of its largest shareholders, and it helps explain why Google's 13F position has grown so large—the two companies have intertwined financial and operational interests.
The Cursor acquisition, completed Aug. 14, adds a meaningful new revenue line to SpaceX's growth story. Cursor currently generates approximately $8 billion in annual recurring revenue in the autonomous coding market, competing directly with Anthropic and OpenAI. Morgan Stanley has outlined a bull-case valuation of $600 per share for SpaceX, with Cursor playing a central role in that scenario. The firm projects Cursor's annual recurring revenue to grow from roughly $8 billion to $33 billion by 2030—a four-fold increase that depends on aggressive integration and continued market share gains in enterprise AI development tools.
SpaceX's second-quarter financials support the bull case on revenue, though spending remains a concern. Q2 revenue reached approximately $7.81 billion, a 91.9 percent increase from the same period a year earlier. The company reported a per-share loss of $0.09, better than the $0.26 loss analysts had expected. The revenue gain came alongside heavy capital expenditure as SpaceX expands its computing infrastructure and Starlink satellite network.
The company is also deepening its push into software and AI through its connection with xAI. CEO Elon Musk has publicly expressed confidence in Grok 4.7 and the company's proprietary data infrastructure, positioning SpaceX not just as a launch and satellite business but as a competitor in enterprise AI and cloud computing. The Cursor deal advances that positioning by bringing a large, revenue-generating coding platform inside SpaceX's AI division.
Despite the institutional validation, two specific risks warrant attention. First, Alphabet's lockup structure means approximately $80 billion in shares remain restricted in the short term—when those restrictions lift, the potential for selling pressure is real, and the timeline for the $14.1 billion tranche runs through Q3 2027. Second, SpaceX's expansion into software, AI and coding tools requires successful integration of Cursor, a company whose $60 billion acquisition price implies high expectations that must be met through revenue execution rather than narrative alone.
Morgan Stanley's $600 bull-case target versus the current trajectory toward $150 suggests the street sees a wide range of outcomes. The base case rests on Starlink scaling its fixed broadband business and the Alphabet computing contract providing revenue visibility. The upside case depends on Cursor hitting the $33 billion annual recurring revenue projection by 2030 and SpaceX establishing itself as a credible enterprise AI vendor. The downside is a post-IPO lockup expiration that floods the market with shares before the revenue story matures.
