Who Owns SpaceX: Four Holders, $229 Billion, and One Man’s 84.8% of the Votes
SpaceX’s first quarterly report as a public company, together with a cluster of ownership filings lodged in the past week, provides the clearest picture yet of who owns one of the world’s most valuable technology companies — and shows that a $60 billion all-stock acquisition has moved Elon Musk’s control of it by roughly half a percentage point.
The reason is structural. SpaceX reported 7,696,293,669 Class A shares and 5,485,486,276 Class B shares outstanding as of 28 July 2026. Each Class A share carries one vote; each Class B share carries ten. Musk’s Schedule 13G, filed on 13 August, reports beneficial ownership of 6,418,547,515 Class A shares, or 48.4 percent, a figure that comprises approximately 849.5 million Class A shares, 3.917 billion Class B shares convertible into Class A, 1.302 billion restricted Class B shares and 350 million Class B shares issuable on options exercisable within 60 days of 30 June.
Applying the ten-to-one voting ratio to the two issued Class B blocks, The Edge calculates that Musk commands approximately 53.04 billion of SpaceX’s roughly 62.55 billion total votes, or 84.79 percent of the voting power, against an economic beneficial ownership below half.
On 14 August SpaceX completed its acquisition of Anysphere, the company behind Cursor, at an implied equity value of $60.0 billion. The Form 8-K filed the same day records 389,289,254 Class A shares issued as merger consideration and a further 1,752,426 Class A shares for vested restricted stock units, with approximately 29.1 million unvested restricted stock units and 44.4 million stock options assumed.
Those 391 million shares expand the Class A base by 5.1 percent, to roughly 8.087 billion. They do not touch the Class B block. On that pro forma basis The Edge estimates Musk’s voting power falls only to 84.27 percent — a decline of 0.52 percentage points from a transaction worth $60 billion. This is the defining feature of SpaceX’s ownership structure: share-financed acquisitions dilute the economic base while leaving control essentially untouched.
The largest disclosed outside holders
Four outside positions have been confirmed in filings made directly by the holders.
Alphabet, filing jointly with Google LLC and XXVI Holdings, disclosed 551,189,500 Class A shares on 14 August, or 7.2 percent of the class. Entities associated with Antonio Gracias and Valor reported 503,414,530 shares, or 6.5 percent. The Founders Fund entities and Peter Thiel reported 427,306,025 shares, or 5.5 percent. Saudi Arabia’s Public Investment Fund reported 154,146,835 shares in its quarterly institutional holdings report, valued at $26.34 billion at 30 June.
Together those four hold 1.636 billion Class A shares. That is 21.3 percent of the 28 July Class A count, falling to 20.2 percent on the post-Cursor base, with an indicative value of approximately $229.0 billion at SpaceX’s 14 August close of $140.
The Public Investment Fund disclosure carries a useful secondary function. Its reported value of $26,337,528,228 across 154,146,835 shares divides to exactly $170.86 a share, independently confirming SpaceX’s 30 June closing price from a regulatory filing. On that basis Alphabet’s position was worth approximately $94.2 billion at the end of June — more than 104 times the roughly $900 million Google invested in SpaceX in 2015, before accounting for any subsequent transactions, dilution or taxes.
These filings are not a complete shareholder register. Beneficial ownership filings and quarterly institutional holdings reports use different methodologies and different measurement dates, and the positions above reflect holdings as of 30 June or 28 July rather than today.
| Holder | Class A shares (m) | Share of 28 July Class A | Indicative value at $140 |
|---|---|---|---|
| Alphabet / Google LLC / XXVI Holdings | 551.2 | 7.2% | $77.2bn |
| Antonio Gracias / Valor entities | 503.4 | 6.5% | $70.5bn |
| Founders Fund entities / Peter Thiel | 427.3 | 5.5% | $59.8bn |
| Public Investment Fund (Saudi Arabia) | 154.1 | 2.0% | $21.6bn |
| Total, four holders | 1,636.1 | 21.3% | $229.0bn |
Each position is taken from a filing made by the holder itself. Percentages use the 7,696,293,669 Class A shares SpaceX reported outstanding as of 28 July 2026. Values apply the 14 August close of $140 and assume the disclosed holdings are unchanged. This is not a complete shareholder ranking: beneficial ownership filings and quarterly institutional holdings reports use different methodologies and measurement dates, and positions held by managers who have not filed on SpaceX specifically are not captured here.
Revenue is compounding, and losses are closing
SpaceX generated $7,814 million of revenue in the second quarter of 2026, up 91.9 percent from $4,071 million a year earlier. First-half revenue reached $12,508 million against $8,138 million, an increase of 53.7 percent. The loss from operations narrowed to $143 million from $970 million, and the net loss to $541 million from $1,008 million.
The revenue mix explains why the company is no longer valued as a launch business. Connectivity generated $4,291 million, or 54.9 percent of the quarter; the AI segment $2,561 million, or 32.8 percent; and Space $962 million, or 12.3 percent. Connectivity and AI together produced 87.7 percent of second-quarter revenue.
Capital intensity is the counterweight
The expansion is being bought. SpaceX spent $28,476 million on property and equipment in the first half of 2026 against $12,508 million of revenue — capital expenditure equal to 227.7 percent of revenue, more than two dollars invested for every dollar earned.
That is financed from an unusually strong balance sheet. Cash and cash equivalents stood at $93,522 million at 30 June with a further $6,487 million of marketable securities, approximately $100.0 billion in total, against $39,364 million of debt and finance leases on a carrying basis. Cash and securities therefore exceed those liabilities by approximately $60.6 billion. The position reflects the initial public offering, which raised net proceeds of $85,675 million from 638.9 million Class A shares at $135 — a figure that assumes the underwriters exercised in full their option over 83,333,333 shares on top of the 555,555,555 shares in the base offering.
What the valuation requires
Backlog stood at $47,461 million at 30 June, with approximately 56 percent expected to be recognised within one year and 34 percent between one and three years. Annualising second-quarter revenue gives a run rate of approximately $31.3 billion, making the backlog equivalent to about 1.5 times annualised revenue.
At $140, the 13.18 billion shares outstanding at 28 July imply an equity value of approximately $1.85 trillion. Adding the 391 million shares from the Cursor transaction takes the simple pro forma count to 13.57 billion and the implied equity value to approximately $1.90 trillion. Against the $31.3 billion annualised run rate that is a multiple of approximately 61 times — not a conventional forward multiple, but a scale comparison showing how much future growth is already priced.
The shares closed at $140 on 14 August, 3.7 percent above the $135 offering price and 18.1 percent below the 30 June close of $170.86.
Why it matters
Three features define SpaceX’s emerging ownership. Economic ownership is concentrated in a small number of strategic, venture and sovereign holders. Economic ownership and control are separate questions, and the dual-class structure makes the second far more concentrated than the first. And the register is global, with Alphabet and United States venture capital alongside Gulf sovereign capital.
For regional investors the Public Investment Fund holding is significant, placing one of the Gulf’s largest sovereign funds among a small group of major SpaceX shareholders, at a position worth approximately $21.6 billion at the 14 August close.
The arithmetic above sets the test for the coming quarters. A company spending more than twice its revenue on capital investment, valued at 61 times its annualised revenue, requires the growth to continue. What the ownership filings show is that whoever else sits on the register, the decisions determining whether it does remain with one holder.
Sources
U.S. Securities and Exchange Commission — SpaceX Form 10-Q for the quarter ended 30 June 2026; Form 8-K dated 14 August 2026; Schedule 13G filings by Elon R. Musk, Alphabet Inc./Google LLC/XXVI Holdings, Antonio J. Gracias, and The Founders Fund entities and Peter Thiel; Form 13F-HR filed by the Public Investment Fund. SpaceX investor relations initial public offering pricing announcement. CNBC market data. Calculations by The Edge Research Team.
