45% of Alphabet’s $3 Billion Hidden Portfolio Is in Just 2 White-Hot Stocks

By Rich Duprey Published Dec 26, 10:55AM EST

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Alphabet (GOOG, GOOGL) invested $155M in AST SpaceMobile (ASTS) in early 2024. Those shares are now worth almost $700M.
AST SpaceMobile successfully deployed BlueBird 6 on Wednesday. It is the largest commercial communications array in low Earth orbit.
Planet Labs (PL) reported record revenue of $81.3M in fiscal Q3. Remaining performance obligations grew 361% to $672M.

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45% of Alphabet’s $3 Billion Hidden Portfolio Is in Just 2 White-Hot Stocks — © Sergey Nivens / Shutterstock.com

Alphabet (NASDAQ:GOOG | GOOG Price Prediction)(NASDAQ:GOOGL) dominates the search engine market with over 90% share and powers billions of daily queries through Google Search. Its Google Cloud division has gained market share from leaders Amazon (NASDAQ:AMZN) and Microsoft (NASDAQ:MSFT).

A lesser-known aspect is Alphabet also directly invests in public companies through its venture arms GV and CapitalG. This portfolio held 38 stocks at the end of the third quarter with assets under management of about $2.5 billion and spanning sectors like healthcare, artificial intelligence (AI), and technology.

Yet there is one sector where Alphabet has placed its biggest bets: space. According to McKinsey, the space sector is projected to reach $1.8 trillion by 2035, so it’s not surprising Alphabet is attempting to cash in on the explosive growth expected. What’s notable about Alphabet’s space investments is that it has concentrated its focus on just two stocks, which comprise 45% of the portfolio’s AUM at current valuations.

AST SpaceMobile (NASDAQ:ASTS) and Planet Labs (NYSE:PL) stand out as the largest positions in the portfolio, so let’s see whether they warrant an investment from you, too.

AST SpaceMobile (ASTS)

AST SpaceMobile builds a space-based cellular broadband network accessible directly by standard smartphones. Alphabet participated in a $155 million strategic investment round in early 2024 alongside AT&T (NYSE:T) and Vodafone (NASDAQ:VOD), supporting the company’s satellite constellation development.

Google collaborates on product development, testing, and implementation for network connectivity on Android devices. In the first quarter of 2025, Alphabet added 8.9 million shares valued at approximately $203 million. Today, those shares are worth almost $700 million and represent the portfolio’s largest holding, or 23.3% of the total.

AST achieved a key milestone on Wednesday with the successful launch and orbital deployment of BlueBird 6, the largest commercial communications array in low Earth orbit. This validates its technology for direct-to-device connectivity.

The satellite stock’s shares have surged 270% year-to-date as it advances its launch schedule and partnerships with over 50 mobile network operators serving billions of subscribers. The stock has been volatile, but has gained significant ground as it attained new milestones.

AST SpaceMobile’s focus on eliminating connectivity gaps aligns with the growth in satellite broadband, but analysts still give it mixed reviews. Some rate it a Buy for its long-term potential, while others are concerned about execution risks, limited revenue, and ongoing losses. Weiss Ratings, for example, just reiterated its Sell rating on the stock while Barclays downgraded it in October from Overweight to Underweight.

AST SpaceMobile is probably best suited for risk-tolerant investors who may see an opportunity in it capturing even a slice of the projected $100 billion satellite broadband market.

Planet Labs (PL)

Planet Labs operates a fleet of over 200 satellites providing daily global imagery and geospatial data for sectors including agriculture, defense, finance, and climate monitoring. Alphabet holds a roughly 10% stake, with data integrations supporting Google Earth and AI models for environmental analytics.

Alphabet’s position in Planet Labs is currently valued at approximately $650 million after the stock jumped following its fiscal year 2026 Q3 earnings report, making it the portfolio’s second-largest holding. The valuation is 56% above where it stood on the date of Alphabet’s 13F-HR filing.

Planet Labs reported record quarterly revenue of $81.3 million, up 33% year-over-year. Remaining performance obligations grew 361% to $672 million, driven by defense and intelligence contracts.

The space stock’s shares have rocketed over 400% in 2025 following hefty earnings beats and analyst upgrades. Morgan Stanley hiked its price target from $4.50 to $20 per share, which suggests Planet Labs is fairly priced, but the consensus has a sub-$15 target, which is why the stock has a Hold rating overall.

In the expanding $1.8 trillion space economy by 2035, Planet Labs benefits from geospatial AI applications that should contribute to revenue growth outpacing the sector. Aggressive investors may view it as a thematic play, but most investors should probably wait for a more attractive entry point following its huge run-up.

About the Author Rich Duprey →

After two decades of patrolling the dark corners of suburbia as a police officer, Rich Duprey hung up his badge and gun to begin writing full time about stocks and investing. For the past 20 years he’s been cruising the markets looking for companies to lock up as long-term holdings in a portfolio while writing extensively on the broad sectors of consumer goods, technology, and industrials. Because his experience isn’t from the typical financial analyst track, Rich is able to break down complex topics into understandable and useful action points for the average investor. His writings have appeared on The Motley Fool, InvestorPlace, Yahoo! Finance, and Money Morning. He has been interviewed for both U.S. and international publications, including MarketWatch, Financial Times, Forbes, Fast Company, and USA Today.