* Alphabet held SpaceX shares worth $94 billion on June 30

* SpaceX shares have since declined, valuing the stake at

$82 billion

* Firm's initial SpaceX stake was $900 million in 2015

By Akash Sriram and Suzanne McGee

Aug 14 (Reuters) - Alphabet's early bet on SpaceX

has multiplied more than 100-fold, with the Google

parent disclosing a stake worth about $94 billion at the end of

June compared with the $900 million investment it said it made

in Elon Musk's rocket company in 2015.

Alphabet has emerged as by far the largest single

institutional holder of SpaceX following its $86 billion IPO in

June, according to a Reuters analysis of quarterly filings made

public so far.

The filings shed new light on the scale of positions

acquired by SpaceX's backers as the company transitioned from a

closely held startup to a publicly traded giant. Together with

separate public disclosures on early investments, including

Alphabet's, they also highlight how dramatically the value of

some early investments in SpaceX has grown.

Because the 13F filing data is compiled once per quarter and

disclosed within six weeks of quarter-end, the information is

dated and will not capture any buying or selling done by these

large investors since June 30. There are other limitations as

well, given the vast universe of SpaceX investments and the

evolving schedule of when they stand to become eligible to be

sold in public markets.

"It's very, very difficult to tease out which of these

institutions were holding pre-IPO shares," said Steve Sosnick,

market strategist at Interactive Brokers.

Alphabet is an exception because the company publicly

disclosed that it invested $900 million in SpaceX in 2015,

providing a rare benchmark against which to compare the value of

its current holding.

Alphabet did not immediately respond to a request for

comment.

Sosnick added that the 13F filings did not reveal investors'

lockup status or intentions with respect to realizing profits on

pre-IPO positions.

Alphabet held 551.2 million SpaceX shares at the end of the

second quarter, according to the firm's filing, worth about

$94.2 billion at SpaceX's June 30 share price of $170.86.

At Wednesday's price, Alphabet's disclosed position would be

worth about $81.8 billion, still about 90 times the size of

Google's original investment.

Gigafund Management was a distant second in the ranks of

SpaceX institutional investors with a position of 171.8 million

shares, followed by Baillie Gifford with 51.4 million, BlackRock ( BLK )

with 51 million and Ontario Teachers' Pension Plan with 50.7

million.

Together with Alphabet, these five holders accounted for the

lion's share of all SpaceX shares reported in the 13F reports

filed as of Thursday afternoon and analyzed by Reuters,

highlighting the concentration of reported institutional

ownership among a handful of investors.

SpaceX went public on June 12 at $135 a share. Its shares

have since retreated from their end-June level. SpaceX closed at

$146.15 on Wednesday, 8.3% above its IPO price but 14% below the

June 30 close.

Sosnick told Reuters that SpaceX remains one of the most

actively traded stocks among customers at Interactive Brokers,

receiving a "fresh jolt of buying last week when market fears

about what would happen when the first lockup expiry arrived

proved to be unfounded."

Retail owners of SpaceX shares, who do not have to submit their

holdings to the SEC, turned into net sellers of the stock on

Friday for the first time since the IPO, according to data from

Vanda Research.

The research firm, which tracks the activity of

self-directed individual investors, calculated that this group

sold a net $4.5 million on that day. SpaceX shares were down 3%

on Thursday but have risen 30% since August 5.