Google's stake in SpaceX has likely been diluted after the latter's merger with xAI, Musk's artificial intelligence and social media company, in February. The current estimate is that Google owns about 5% of SpaceX following the merger. At a $2 trillion IPO valuation, this stake would be worth around $100 billion.

SpaceX has confidentially filed for an IPO, aiming for a June listing. The company is expected to raise up to $75 billion in what would be the biggest-ever IPO. If it hits a $2 trillion valuation, even a 0.05% stake could turn an investor into an instant billionaire. The listing would also make Musk the world's first trillionaire and significantly boost the fortunes of his long-time associates like President Gwynne Shotwell.

SpaceX's early investors are likely to see huge returns on their investments. PitchBook senior research analyst Franco Granda, who covers SpaceX, said even those who invested five years ago will be happy with the outcome. He added that investors who got in at 2021 will have life-changing or career-defining returns.

Google first invested in SpaceX in 2015, along with Fidelity Investments, in a $1 billion funding round that valued the company at $10 billion. The pair got a 10% stake. However, both Google and Musk have seen their ownership shrink over time due to dilution and secondary share sales. Despite this, many investors and long-term employees who have been loyal to SpaceX are expected to reap huge rewards from the IPO.

Google set for $100B gain from SpaceX IPO