These Are the 3 Biggest Stocks in Alphabet's Secret Portfolio

Alphabet’s venture arm (GV/CapitalG) holds roughly 37 public stocks valued at $2.5–3.0 billion, deploying strategic bets adjacent to Google’s core products—connectivity, geospatial data and AI hardware—with its three largest public positions in AST SpaceMobile (~$459m, 18% of holdings), Planet Labs (~$356m, 17%), and Arm Holdings (~$258m, 11.5%). AST SpaceMobile, backed by $358m of Alphabet capital and carrier partnerships (AT&T, Vodafone), aims to provide smartphone connectivity from space with nationwide intermittent U.S. service planned for late‑2025 and material upside if execution succeeds, but faces launch and operational risks after recent mixed results; Planet Labs supplies daily Earth imagery that feeds Google Earth and AI products, showing robust demand (Q2 backlog +245% to $736m) and fast revenue growth expectations despite current losses; Arm underpins smartphone and growing data‑center CPU demand, reporting Q2 revenue >$1bn and strong guidance while trading at a rich multiple. Together these stakes signal Alphabet is syndicating platform advantages (Android integration, cloud cost-efficiency and AI data) into high-growth verticals—validating investment themes but exposing the company to execution, valuation and concentration risks for investors following its venture bets.

Analysis

Alphabet’s GV/CapitalG venture portfolio holds roughly 37 public positions worth an estimated $2.5–$3.0 billion as of late 2025, with the three largest stakes in AST SpaceMobile (~$459m, 18% of holdings), Planet Labs (~$356m, 17%), and Arm Holdings (~$258m, 11.5%). These positions are strategic extensions of Alphabet’s products—connectivity for Android, geospatial data for Google Earth and AI models, and energy‑efficient CPU architectures to support Google Cloud—signaling deliberate ecosystem synergies rather than passive financial bets.

AST SpaceMobile is the single largest exposure: Alphabet invested $155m in early 2024 and another $203m in Q1, backing a satellite cellular network with carrier partnerships (AT&T, Vodafone) and plans for intermittent U.S. service late 2025; the company has a $1.2bn cash buffer plus a $420m loan, yet the stock (around $52) is volatile—up 143% YTD but down 50% in the last month after a Q3 miss—making execution and launch timing key risk factors.

Planet Labs shows strong demand signals—Q2 backlog jumped 245% YoY to $736m and shares are up 176% in 2025—yet it remains unprofitable with $22.6m Q2 losses and a 13.1x P/S valuation; Arm reports robust top‑line momentum (Q2 revenue >$1bn, +34% YoY, Q3 guidance $1.17–$1.28bn) and secular adoption in data centers but trades at a high 167 P/E, exposing investors to valuation risk if growth slows or Alphabet pursues internal chip alternatives.

Key Decisions for Investors

• Treat AST SpaceMobile as a high‑volatility, high‑beta moonshot: limit position size, use strict stop loss or options hedges, and monitor the late‑2025 U.S. rollout and carrier deployments for de‑risking signals
• Consider selective exposure to Planet Labs for thematic geospatial AI upside given the 245% backlog increase, but buy on meaningful pullbacks and track margin improvement and path to profitability by 2027
• View Arm as a core semiconductors/AI‑infrastructure play supported by strong revenue growth and guidance, but size positions with caution given the 167 P/E and the strategic risk if Alphabet vertically integrates chip design
• Use Alphabet’s venture stakes as a thematic read on where the company expects ecosystem value (connectivity, Earth data, AI hardware) and monitor conversion catalysts (service launches, backlog realization, quarterly guidance) before increasing exposure
• Hedge concentrated exposure across these names or prefer diversified thematic funds if uncomfortable with execution and valuation risks, and reassess positions after the next major operational milestones (AST launches, Planet margin inflection, Arm share gains)