Alphabet Q3 13F: SpaceX Still Accounts for Nearly 95%, Qualcomm Added
Alphabet, Google’s parent company, filed its 2026 third-quarter 13F report with the SEC, showing that as of September 30, the total market value of reported holdings was about $88.346 billion, down 10.9% from about $99.1 billion in the previous quarter. During the quarter, it added positions in 4 stocks, increased 1, reduced 3, and fully exited 3, with the top 10 holdings accounting for 99.48% in total.
SpaceX remained the largest holding by far. Alphabet held about 555.04 million shares, with a quarter-end market value of about $83.734 billion, accounting for 94.78% of the reported portfolio; this was an increase of about 3.8541 million shares from the previous quarter, up 0.70%. Although the portfolio weight fell from 95.05% to 94.78%, the actual share count increased. Qualcomm was the quarter’s main newly disclosed holding: Alphabet held about 2.977 million shares at quarter end, worth about $548 million, accounting for 0.62% of the portfolio, and it directly became the sixth-largest holding.
Among other major holdings, CME Group (CME), Planet Labs and Arm ranked second through fourth, with quarter-end market values of about $913 million, $578 million and $568 million, respectively, and share counts unchanged from the previous quarter. Revolution Medicines ranked fifth, with a quarter-end market value of about $549 million and a 9.25% reduction during the quarter. AST SpaceMobile had a quarter-end holding value of about $526 million, with its share count unchanged. In addition to Qualcomm, the newly disclosed holdings also included Neutron Holdings, the parent company of Lime, Freenome and Obsidian Therapeutics, with quarter-end market values of about $53.49 million, $31.85 million and $16.82 million, respectively. The four newly added holdings had a combined market value of about $650 million, of which Qualcomm accounted for about 84.3%.
On the reduction side, Freshworks shares were reduced by 1.87 million, down 11.54%; Ethos Technologies shares were reduced by about 3.0507 million, down 84.21%, leaving about 571,900 shares at quarter end, worth about $19.2 million. Because the reported portfolio was highly concentrated, the change in total market value at quarter end was mainly affected by price fluctuations in core holdings, and the roughly $10.8 billion decrease in market value did not mean an equal amount of funds was withdrawn.
Original sources:
Title: Alphabet Inc. Q3 2026 13F Top Portfolio Holdings
Publisher: 13f.info (based on SEC 13F-HR filings)
Publication date: November 6, 2026
URL: https://13f.info/13f/000165204426000086-alphabet-inc-q3-2026
Nature of source: aggregated data from SEC filings
Verification status: the full holdings list was read and cross-checked against reports from multiple English-language media outlets, with consistent results
Supporting content: total market value of $88.346 billion, SpaceX 555.04 million shares / $83.734 billion (94.78%), Qualcomm 2.977 million shares / $548 million, and other core data and holding changes
ABAB AI Insight
Alphabet’s 13F portfolio is highly concentrated in SpaceX, at nearly 95%, making quarterly market-value fluctuations driven mainly by the price of a single holding rather than large-scale rebalancing. This quarter, it modestly increased its SpaceX stake while building a new Qualcomm position, indicating a marginal allocation to chip and AI-related supply chains while maintaining its core exposure. Qualcomm has long supplied processors for the Android ecosystem, and the collaboration has extended into laptops and automobiles; this new position may reflect a view on demand for data center and edge AI chips.
On the capital path, the scale of new holdings was limited, at about $650 million, which is a marginal adjustment relative to the total of $88.3 billion. The reduction in Ethos Technologies was substantial in percentage terms, but small in absolute amount; overall turnover was low, indicating that the portfolio is mainly long-term holdings. The roughly $10.8 billion decline in market value mainly came from price pullbacks in core holdings such as SpaceX rather than active divestment, consistent with the impact of unrealized gains and losses on financial statements.
Structurally, the portfolio remains dominated by SpaceX as a private-equity-like holding, with publicly listed stock positions highly concentrated and the top 10 holdings accounting for more than 99%. This structure ties Alphabet’s investment performance closely to SpaceX’s valuation, while maintaining limited exposure to the semiconductor ecosystem through public stocks such as Qualcomm. The beneficiaries include Qualcomm, which receives institutional capital, and Alphabet itself through possible technological synergies; the risks lie in the concentration of a single holding and the amplifying effect of price volatility on reported total market value.
The final text shows that Alphabet continues to center on SpaceX while tentatively entering Qualcomm, but the overall nature of the portfolio has not fundamentally changed. Going forward, attention should focus on changes in SpaceX’s valuation and whether the Qualcomm holding continues to expand.
ABAB News · Cognition Laws
A single holding accounting for nearly 95% determines the main driver of portfolio market-value volatility
The scale of newly added public-stock positions is far smaller than the core private exposure
A decline in market value does not equal capital outflows; price effects can dominate reported changes