SpaceX's second 13F deadline is Monday. Twelve filed lines to read the filings against.

Every figure below was read from filings on sec.gov and is cited with its accession: Q2 Form 13F information tables, the four Schedule 13G filings of 11–14 August, SpaceX's Q2 Form 10-Q, its IPO prospectus, its 8-Ks and the insider forms filed since. 13F positions are shown in shares and in value as filed. We show no share prices, no analyst estimates and no consensus. Sums, differences and shares of a total are our arithmetic and are marked (Ours.) Research, not investment advice.

Form 13F reports for the quarter ended 30 September are due 45 days after quarter end. That is Saturday 14 November, so the SEC's own 13F FAQ lists the deadline as "November 16, 2026 (Monday)". It is the second quarter in which every manager holding SpaceX ($SPCX) as a public stock has to report it. Our 14 August post read the first one. This one sets down what is already on file, so Monday's numbers have something to be read against.

Start with what a 13F cannot tell you. It lists long positions in exchange-listed equity, plus some options and convertibles, held by managers with $100 million or more in such securities. Short positions are excluded by the SEC's own instructions. It is a snapshot of 30 September, published up to 45 days later. It does not show when a fund bought, whether it hedged, or what it did in October, and it does not cover Elon Musk or employees.

What a 13F can answer is narrower: who held how many shares on one date, against the quarter before. Twelve lines, each ending with what to count first. By 04:30 UTC on 13 November, EDGAR full-text search returned 2,059 Form 13F-HR filings for the period ended 30 September carrying SpaceX's CUSIP 84615Q103. That is a count of filings, not of holders. Aether's 13F store had loaded 2,044 Q3 holders and marks the quarter partial until 18 November; we read them on Tuesday.

1. The Q2 baseline, by shares

The largest Q2 holders in Aether's 13F store (holdings_by_security, SPCX, period 30 June 2026), shares and value as filed:

FMR's figure sums nine rows of its information table. Aether counts 1,789 Q2 filers holding the CUSIP.

Check: compare shares, not values. The value column moves with the 30 September mark even for a fund that did nothing.

2. Alphabet: the 13F and the 13G agree

Alphabet's Q2 13F, accepted on 6 August, lists 551,189,500 Class A shares worth $94,176,237,970 (0001652044-26-000073). Its Schedule 13G of 14 August (accession 0001193125-26-352289) reports the same 551,189,500 shares "held directly by Google LLC", 7.2% of the class, computed on 7,696,293,669 Class A shares outstanding at 28 July.

Alphabet filed its Q2 report eight days before the deadline, and its Q3 report is already in. Accepted on 5 November (accession 0001652044-26-000086), it lists 555,043,560 Class A shares worth $83,733,871,462 at 30 September. (Ours: 3,854,060 shares more than at 30 June.)

Check: the 13G still says 551,189,500. We found no Schedule 13G amendment from Alphabet on SpaceX's EDGAR page by 13 November.

3. Valor: 503.4 million in Q2, 460.6 million after a September distribution

Valor Management's Q2 13F lists 503,414,530 shares worth $86,013,406,596 (0001213900-26-089714). Antonio Gracias's Schedule 13G of 11 August (accession 0001213900-26-087780) reports the same 503,414,530 shares, 6.5% of the Class A, held by thirty Valor entities.

Then the Form 4 of 15 September (0001213900-26-100186): on 11 September five Valor entities made "pro rata distributions in-kind, without consideration" of 42,790,223 shares, "pursuant to a Rule 10b5-1 pre-set in-kind distribution plan adopted on June 12, 2026". After the distribution the Valor entities held 460,624,307 shares. (Ours: 503,414,530 − 42,790,223 = 460,624,307, the filed figure.) The amended Form 4/A of 30 September (accession 0001213900-26-105393) says the original was filed voluntarily, because the distribution "did not represent a change to the Reporting Person's pecuniary interest".

Check: Valor Management's Q3 share count against 460,624,307. A different figure means something else moved in the quarter.

4. Valor's plan can distribute up to 225.9 million shares

The Q2 10-Q (accession 0001628280-26-052535), Item 5, states that on 12 June the Valor entities adopted a 10b5-1 arrangement "for the potential distribution to limited partners and general partners of the Valor Entities of up to 225,857,490 shares of Class A common stock", expiring 30 September 2027. September's 42,790,223 shares are 18.9% of that ceiling. (Ours.)

Shares distributed in kind leave Valor's 13F and land with its partners. A partner that files a 13F would report them as its own; one that does not file disappears from view.

Check: new SpaceX positions at managers that held none on 30 June. Some of them may be receiving distributions, not buying.

5. Founders Fund: 427.3 million in the 13G, 22.8 million in a 13F

The Schedule 13G of 14 August (accession 0001426012-26-000004) is a joint filing by 29 reporting persons: Founders Fund entities, related vehicles and Peter Thiel. Together they report 427,306,025 Class A shares, 5.5% of the class, at 30 June.

Only one of those entities shows up among the 100 largest Q2 holders in Aether's store: Founders Fund Growth II Management, whose 13F (0002106825-26-000004) lists one position, 22,839,450 shares worth $3,902,348,427. That is the same 22,839,450 the 13G gives for The Founders Fund Growth II, LP. (Ours: the 13F covers 5.3% of the shares in the 13G; 404,466,575 shares are in the 13G but not in that 13F.)

Check: whether any other Founders Fund entity files a Q3 13F. If not, the 13F flood will show 22.8 million shares for a group that reported 427.3 million.

6. Elon Musk: 6.42 billion shares, no 13F, locked until June 2027

Musk's Schedule 13G of 13 August (accession 0001104659-26-095936) reports beneficial ownership of 6,418,547,515 Class A shares, 48.4% of the class: 849,494,440 Class A and 3,916,980,790 Class B held by trusts, 1,302,072,285 restricted Class B and 350,000,000 Class B issuable on options. The 48.4% adds the Class B to the Class A denominator. (Ours: 6,418,547,515 ÷ 13,265,346,744 = 48.4%.) Each Class B share carries 10 votes.

Musk is an individual, not an institutional manager, and files no 13F. The prospectus (0001628280-26-042639) lists "Up to 6.4 billion shares" held by him as available from 12 June 2027, the 366th day after the prospectus.

Check: nothing in the 13F flood. Musk's line moves only through a 13G amendment or a Form 4.

7. The share count, by class

(Ours: 13,176 million shares at 30 June and 13,579 million at 30 September, up 403 million; Class A rose by 633 million and Class B fell by 230 million.) Musk's 13G notes that each Class B share converts into one Class A share "upon any sale or certain transfers".

Check: the denominator. Every 13G percentage above is on 7,696,293,669 Class A shares. (Ours: Alphabet's 555,043,560 shares at 30 September are 6.7% of the 8,240 million Class A, against 7.2% for its 551,189,500 on the July count.)

8. 391 million shares went to Cursor holders in August

The 8-K of 14 August (accession 0001628280-26-056945) reports the closing of the Cursor merger. Cursor's common and preferred converted into "an aggregate of 389,289,254 shares of the Company's Class A common stock", plus 1,752,426 for vested restricted stock units, issued under the Section 4(a)(2) private-placement exemption. (Ours: 391,041,680 Class A shares issued at closing.) The Q3 release (0001628280-26-066482) gives GAAP purchase consideration of $42.5 billion and $23.4 billion of awards attributable to post-acquisition service.

Check: new SpaceX positions at managers that held Cursor. Their shares arrived by merger, not by purchase.

9. Weighted average is not shares outstanding

The Q3 10-Q (0001628280-26-066880) gives weighted-average shares of 11,942 million basic and 12,475 million diluted for the quarter, against 2,941 million a year earlier. (Ours: 13,579 million at period end, 1,637 million above the basic weighted average.)

Check: when you turn a 13F share count into a percentage of SpaceX, use period-end shares by class, not the weighted average in the EPS table.

10. Five lock-up releases fell inside the quarter

The final prospectus (0001628280-26-042639) lists when locked shares became available for sale in the public market. Inside the third quarter:

(Ours: up to 1,937.0 million shares in the quarter.) A further 455.8 million depended on a closing-price test, which we leave out. After 30 September came 9 October (328.4 million), the second full trading day after the Q3 release ("Up to 1.3 billion shares", 28% of the 180-day pool) and 24 October (328.4 million); 8 December releases the rest. Longer lock-ups cover "7.8 billion shares (including 100% of the shares owned by Mr. Musk)", about 60% of shares outstanding after the offering.

Check: the Q3 13Fs show who held SpaceX after the five releases above and before the 1.3 billion.

11. Insider forms: one 10b5-1 sale, one clarified distribution

Gwynne Shotwell's Form 4 of 24 September (0001628280-26-063378) reports that on 22 September she exercised options for 342,170 Class A shares and sold 342,170 in five lots, "pursuant to a Rule 10b5-1 trading plan adopted by the reporting person on June 23, 2026". The matching Form 144 (0001950047-26-009740) gives 342,170 shares. The Q2 10-Q says her plan covers up to 585,605 Class A shares subject to the lock-up. The CFO's plan covers up to 919,497 shares and "does not commence sales until 2027".

The Q3 10-Q says no director or officer adopted or terminated a Rule 10b5-1 arrangement in the quarter. We found no Schedule 13D or 13G amendment on SpaceX's EDGAR page after 14 August, and no Form 4 after 30 September (checked 13 November).

Check: none for the 13F flood. Insider sales are on Form 4, not on Form 13F.

12. $25 billion of notes that no 13F will show

The 8-K of 26 June (accession 0001628280-26-045763) records the issue of five series of senior notes: $7.0 billion at 5.350% due 2031, $6.0 billion at 5.650% due 2033, $6.0 billion at 5.875% due 2036, $2.5 billion at 6.600% due 2046 and $3.5 billion at 6.650% due 2056. (Ours: $25.0 billion.) They were "offered and sold only to persons reasonably believed to be qualified institutional buyers in reliance on Rule 144A", and outside the United States under Regulation S. The SEC FAQ admits only "Certain convertible debt securities" among 13F securities; these notes are not convertible.

Check: none. Who holds SpaceX's debt is not a 13F question.

What to read first on Monday night

Not the total value. Alphabet's count is in: 555,043,560. Read Valor's against 460,624,307. Then count new holders, and ask which came from a Valor distribution or the Cursor merger. Then note who will not be there: Musk, most of Founders Fund, every bondholder.

For the lock-up schedule in more detail, our 18 August post walked the prospectus table; the 10-Q financing post traced the notes through the cash-flow statement.

Run it yourself

/holders/SPCX shows the institutional register from filed 13Fs, and updates as the Q3 reports arrive. Pick one line above, say Valor's 460,624,307, and check it against the filer's Q3 information table when it lands.

Then write down what you expect before Monday. Our Thesis Monitor reads each new filing against what you wrote, and tells you which lines moved. If you work inside an agent, the same 13F data is on the EvidInvest MCP server as holdings_by_security. It is free to start, credit packs from $10, and there is no subscription.

The 13Fs say who held SpaceX on 30 September. Everything else on this page says what they leave out.

Sources. Form 13F-HR information tables for the period ended 30 June 2026: Alphabet 0001652044-26-000073, Valor Management 0001213900-26-089714, FMR 0000315066-26-002260, VY Capital 0001193125-26-354400, Gigafund 0001140361-26-032507, Public Investment Fund 0001011438-26-000537 (combination report), BAMCO 0001017918-26-000067, D1 Capital 0001172661-26-003662, NVIDIA 0001045810-26-000065, SC US (TTGP) 0001193125-26-350453, Capricorn 0001104659-26-096768, Darsana 0001172661-26-003746, Founders Fund Growth II Management 0002106825-26-000004, via Aether holdings_by_security. Schedule 13G: Gracias 0001213900-26-087780 (11 August), Musk 0001104659-26-095936 (13 August), Alphabet 0001193125-26-352289 and Founders Fund 0001426012-26-000004 (14 August). SpaceX Form 10-Q for the quarter ended 30 June 2026: 0001628280-26-052535 (sec.gov). Form 13F-HR for the period ended 30 September 2026: Alphabet 0001652044-26-000086. SpaceX Form 10-Q for the quarter ended 30 September 2026: 0001628280-26-066880 (sec.gov). Form 424B4 of 12 June 2026: 0001628280-26-042639. Form 8-K of 20 October 2026, Exhibit 99.1: 0001628280-26-066482 (sec.gov). Form 8-K of 14 August 2026: 0001628280-26-056945. Form 8-K of 26 June 2026: 0001628280-26-045763. Forms 4: 0001213900-26-100186, 0001628280-26-063378; Form 4/A: 0001213900-26-105393; Form 144: 0001950047-26-009740. SEC staff, "Frequently Asked Questions About Form 13F" (sec.gov). EDGAR was last checked at 04:30 UTC on 13 November 2026. No share price, analyst estimate or consensus figure appears on this page. Our arithmetic is labelled as ours. Research, not investment advice.