When Google first invested in Elon Musk's SpaceX over a decade ago, it was making a bet on satellite-internet and imaging. Now that bet is likely worth more than most companies operating around the world.

Google, which is part of Alphabet $(GOOG)$ $(GOOGL)$, joined with financial-services firm Fidelity to invest $1 billion in SpaceX in 2015. At the time, the two companies were said to own 10% of the company, which was estimated to be worth just $10 billion.

A lot has happened since then.

Now, SpaceX regularly launches Falcon 9 rockets, has developed a major satellite-internet business, is testing a mega-rocket and has acquired Musk's artificial-intelligence startup. After it merged with xAI, SpaceX saw its private valuation shoot up to an estimated $1.25 trillion, or 12,400% more than when Google bought its shares.

SpaceX has also confidentially filed for an initial public offering, setting the stage for Musk to take the company public as soon as June. The company is aiming to raise $75 billion or more at an valuation of $1.75 trillion, according to some reports. And Bloomberg reported recently that SpaceX might be exploring a valuation of $2 trillion or greater, although Musk has disputed that.

Google's stake in SpaceX now stands at 6.11% of the aerospace giant's shares, according to a biennial report the company filed with Alaska's Commerce Department last week, which was initially reported by Bloomberg.

At a $2 trillion valuation, Google's stake in SpaceX would be worth about $122 billion, or more than the vast majority of public companies - even hot technology plays.

Dell Technologies $(DELL)$, following a nearly 50% stock surge over the last three months, has a market capitalization of $114 billion. Accenture $(ACN)$, after weeks of turbulence, is now worth $119 billion. Seagate Technology $(STX)$, Marvell Technology $(MRVL)$ and Spotify Technology (SPOT) also come up short of the estimated value of Google's SpaceX stake.

Even at $1.75 trillion, Google's position would be worth about a $107 billion stake in the company. That's more than the respective market caps of CrowdStrike (CRWD), Northrop Grumman $(NOC)$ and Adobe $(ADBE)$, according to FactSet data.

Google also has a close relationship with Anthropic, another mega-IPO candidate, after initially investing in that business back in 2023. The companies deepened their relationship earlier this month.

Citing court documents, the New York Times reported about a year ago that Google had a 14% stake in Anthropic, which at the time was worth $61.5 billion. In February, it was assigned a $350 billion pre-money valuation after raising $30 billion. It's now reportedly receiving offers for a new round of funding that would value it at $800 billion or more.

Anthropic declined to comment.

Alaska's disclosures require companies reveal only shareholders who have a stake of 5% or greater in the company. The only other investor with enough shares to be included in SpaceX's filing was Musk himself. He owns 40% of the company.

Musk and Google have both seen their ownership shrink over the years as more shares got issued and secondary share sales were offered. When SpaceX first disclosed its shareholders in a 2020 Alaskan filing, Google owned 7.64% of shares and Musk controlled 47.11%. It's unclear how the xAI acquisition may have impacted their stakes.

Similarly, in 2023, the Founders Fund venture-capital firm was noted to own 5.76% of SpaceX, according to a disclosure form, but its stake has since fallen below the reporting threshold.

However, even a "small" stake could be huge if the company's IPO hits its reported targets. One percent of $2 trillion, after all, is still $20 billion.