TLDR
- Alphabet’s 13F filing shows a new $548M Qualcomm position.
- SpaceX closed September at $150.86, almost where it opened on June 12 ($150.00).
- Alphabet’s SpaceX stake fell to $83.7B from $94.2B in June.
- The drop led to an $8.7B equity loss and cut Q3 earnings by $0.55 per share.
- About $75.2B of the SpaceX holding is under short-term sale restrictions.
Alphabet (GOOGL) stock rose 0.78% on Monday after a 13F filing showed a new Qualcomm position. Qualcomm (QCOM) jumped 5.52%, and SpaceX (SPCX) gained 8.62%.
The filing, submitted November 6, lists a $548 million Qualcomm stake. It also shows Alphabet still holds about 555 million SpaceX stock.
The SpaceX story is a round trip. SpaceX opened at $150.00 on its first trading day, June 12.
It ran up to $170.86 by the end of June, then slid to $150.86 by September 30. That puts it almost exactly back where it began.
The Round Trip Still Cost Alphabet
Alphabet’s stake was worth $83.7 billion on September 30. That is down from $94.2 billion at the end of June.
The value fell even though Alphabet added about 3.85 million to its holding, up from 551.2 million. So it was more stock, a lower price and a lower value.
The loss showed up in earnings. Alphabet booked an $8.7 billion loss on equity securities, compared with a $10.7 billion gain a year earlier.
CFO Anat Ashkenazi said other income and expense was negative $8.2 billion, mainly from the unrealized SpaceX loss. The hit cut diluted earnings by $0.55 per share.
Alphabet earned $2.12 per share in the quarter, down from $2.87. Nothing was sold, so the losses are on paper.
Selling is not simple right now. About $75.2 billion of the SpaceX holding is under short-term sale restrictions, and the filing gives no end date.
The SpaceX stake is about 95% of what the 13F reports. Private holdings are not listed, and Alphabet carries $135.2 billion in non-marketable securities.
Qualcomm Enters the Top Six
Alphabet’s Qualcomm position is nearly 3 million, worth about $548 million. That ranks sixth in the filing, and Alphabet has not said why it bought.
The two companies already work together. They are bringing Gemini Intelligence to Snapdragon-powered devices, and Qualcomm chips run nearly all high-end Android phones and Google’s Googlebook laptops.
There is also a SpaceX tie. Qualcomm will supply cellular equipment for Starlink Mobile base stations starting in 2027.
Qualcomm’s last quarter was weaker. Revenue fell 8% to $10.3 billion, and handset chip revenue dropped 26% to $5.14 billion.
The Qualcomm 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).
The next 13F is due in February.
