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

• StockStory Top Pick PL -0.62% AMD -1.09%
• ARM -0.72% T +1.61% T-PA 0.00%

Quick Read

• Alphabet (GOOG, GOOGL) holds $2.5B to $3B across 37 public stocks through GV and CapitalG.

• Alphabet’s largest position is AST SpaceMobile (ASTS) at $459M to enable satellite connectivity for Android devices.

• Planet Labs (PL) and Arm Holdings (ARM) round out the top three at $356M and $258M, respectively.

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Google parent Alphabet (NASDAQ:GOOG)(NASDAQ:GOOGL) is often seen as a core tech giant focused on search, advertising, and cloud computing. Yet beneath its main operations lies a quieter side: a venture arm that invests in promising companies in areas like space tech, geospatial data, and semiconductors. These bets target innovations adjacent to Alphabet's ecosystem, such as enhanced connectivity for Android devices, Earth observation for AI-driven mapping in Google Earth, and efficient chip designs for data centers powering Google Cloud.

Through GV (formerly Google Ventures) and CapitalG, Alphabet manages a portfolio of about 37 public stocks valued at $2.5 billion to $3 billion as of late 2025. The three largest positions -- AST SpaceMobile (NASDAQ:ASTS), Planet Labs (NYSE:PL), and Arm Holdings (NASDAQ:ARM) -- highlight its strategy of backing high-growth plays in satellite networks, imaging analytics, and artificial intelligence (AI) hardware.

AST SpaceMobile (ASTS)

AST SpaceMobile tops Alphabet's portfolio with a stake worth approximately $459 million at current prices, representing 18% of its equity holdings. The company aims to build a satellite-based cellular network that connects unmodified smartphones directly from space, eliminating dead zones in remote areas.

Alphabet's interest stems from synergies with Android, with plans to enable seamless SpaceMobile connectivity on billions of devices worldwide. This aligns with Alphabet's push for ubiquitous access to its services, like Maps and YouTube, in underserved markets.

The $155 million investment in early 2024, followed by an additional $203 million in shares during this year's first quarter, underscores confidence in ASTS's partnerships with carriers like AT&T (NYSE:T) and Vodafone (NASDAQ:VOD), which serve over 2.5 billion subscribers. Growth prospects look explosive. AST plans nationwide U.S. intermittent service by late 2025, expanding to Canada, Japan, and the U.K. in early 2026. Analysts forecast explosive revenue growth over the next few years, fueled by these deals. With a $1.2 billion cash buffer and a recent $420 million loan, funding for satellite launches is secure.

The stock is up 143% year-to-date, despite losing half its value in the past month after missing Wall Street's Q3 estimates last week. Trading around $52 per share, AST carries risks like execution delays in orbital deployments. For risk-tolerant investors, AST SpaceMobile offers moonshot potential -- 50% upside by 2026 according to some models -- if it captures even a slice of the $100 billion satellite broadband market. Alphabet's bet signals it's worth considering for those eyeing telecom disruption.

Planet Labs (PL)

Planet Labs holds the second spot in Alphabet's portfolio at $356 million, or about 17% of holdings. Founded by NASA scientists, the company operates a fleet of over 200 satellites capturing daily global imagery, delivering geospatial data for agriculture, finance, defense, and climate monitoring.

Alphabet invests here to bolster Google Earth and AI tools: Planet's archives power environmental analytics, like deforestation tracking, and integrate with Google's Earth AI models for pixel-level predictions on risks such as cholera outbreaks or hurricanes. This enhances Alphabet's cloud services for enterprise clients needing real-time Earth intelligence.

The growth case is compelling despite current unprofitability. Shares have surged 176% in 2025, trading near $11, but are down 33% from the highs hit last month. Fiscal Q2 backlog exploded 245% year-over-year to $736 million -- 2.6 times fiscal 2026 revenue guidance -- signaling locked-in demand. Analysts project 20% topline growth through 2027, driven by AI-enhanced subscriptions and government contracts.

Partnerships with Airbus and the World Health Organization add credibility. At a 13.1 price-to-sales ratio, valuation feels stretched amid $22.6 million Q2 losses, but improving margins from fleet efficiencies could flip to profits by 2027. Wall Street's "Buy" consensus targeting $14.55 per share implies 30% upside, but aggressive investors may buy for the 18% annual revenue growth forecast, outpacing the aerospace sector.

Alphabet sees untapped value in data monetization, making PL a solid pick for thematic exposure to geospatial AI.

Arm Holdings (ARM)

Arm Holdings rounds out Alphabet's top trio with a stake valued at around $258 million, roughly 11.5% of the portfolio. As a designer of energy-efficient CPU architectures, Arm licenses blueprints used in 99% of smartphones and increasingly in data centers. Alphabet's investment ties directly to Google Cloud: Arm's designs underpin custom chips like the Axion processor, offering 60% better performance-per-watt than Intel (NASDAQ:INTC) or Advanced Micro Devices (NASDAQ:AMD) rivals, slashing costs for AI workloads. This supports Alphabet's hyperscale needs, where Arm expects 50% data center CPU share by the end of 2025.

Fiscal Q2 2026 revenue topped $1 billion (up 34% year-over-year), with royalties jumping 21% on Armv9 adoption. Q3 guidance calls for 25% revenue growth to $1.17 billion to $1.28 billion, fueled by smartphones, autos, and cloud. Analysts forecast 21% long-term earnings growth, pushing shares from $131 to a $168 target -- 28% upside.

The stock is up just 6% year-to-date after getting cut 28% during the market's recent slide, but trades at a lofty 167 P/E. Still, partnerships with Qualcomm (NASDAQ:QCOM) and SoftBank, plus Compute Subsystems royalties, position Arm for dominance in edge AI.

Investors chasing semiconductors could buy, as Alphabet's stake validates its role in the $500 billion chip market, but a decision to make its own AI chips introduces much more risk.

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