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Proc-Type: 2001,MIC-CLEAR
Originator-Name: webmaster@www.sec.gov
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MIC-Info: RSA-MD5,RSA,
 P93EkDve9/ScTsk8NCHY/OT0wsXYjJQNFWxprlYHi7rtIezSvrUGKE6WGrVNe+D8
 qMSpN97w1quqFeEOQhChpg==

<SEC-DOCUMENT>0001181431-06-014742.txt : 20060228
<SEC-HEADER>0001181431-06-014742.hdr.sgml : 20060228
<ACCEPTANCE-DATETIME>20060228105440
ACCESSION NUMBER:		0001181431-06-014742
CONFORMED SUBMISSION TYPE:	4
PUBLIC DOCUMENT COUNT:		1
CONFORMED PERIOD OF REPORT:	20060224
FILED AS OF DATE:		20060228
DATE AS OF CHANGE:		20060228

ISSUER:		

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			INTERNET CAPITAL GROUP INC
		CENTRAL INDEX KEY:			0001085621
		STANDARD INDUSTRIAL CLASSIFICATION:	SERVICES-BUSINESS SERVICES, NEC [7389]
		IRS NUMBER:				232996071
		STATE OF INCORPORATION:			DE
		FISCAL YEAR END:			1231

	BUSINESS ADDRESS:	
		STREET 1:		690 LEE ROAD
		STREET 2:		SUITE 310
		CITY:			WAYNE
		STATE:			PA
		ZIP:			19087
		BUSINESS PHONE:		610-727-6900

	MAIL ADDRESS:	
		STREET 1:		690 LEE ROAD
		STREET 2:		SUITE 310
		CITY:			WAYNE
		STATE:			PA
		ZIP:			19087

REPORTING-OWNER:	

	OWNER DATA:	
		COMPANY CONFORMED NAME:			DOWNES DAVID K
		CENTRAL INDEX KEY:			0001255142

	FILING VALUES:
		FORM TYPE:		4
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	001-16249
		FILM NUMBER:		06649131

	BUSINESS ADDRESS:	
		STREET 1:		C/O DELAWARE INVESTMENTS
		STREET 2:		2005 MARKET ST 34TH FL
		CITY:			PHILADELPHIA
		STATE:			PA
		ZIP:			19103
		BUSINESS PHONE:		610-727-6900

	MAIL ADDRESS:	
		STREET 1:		C/O INTERNET CAPITAL GROUP, INC.
		STREET 2:		690 LEE ROAD, SUITE 310
		CITY:			WAYNE
		STATE:			PA
		ZIP:			19087
</SEC-HEADER>
<DOCUMENT>
<TYPE>4
<SEQUENCE>1
<FILENAME>rrd108908.xml
<DESCRIPTION>DOWNES ANNUAL DIR GRANT 0206
<TEXT>
<XML>
<?xml version="1.0"?>
<ownershipDocument>

    <schemaVersion>X0202</schemaVersion>

    <documentType>4</documentType>

    <periodOfReport>2006-02-24</periodOfReport>

    <notSubjectToSection16>0</notSubjectToSection16>

    <issuer>
        <issuerCik>0001085621</issuerCik>
        <issuerName>INTERNET CAPITAL GROUP INC</issuerName>
        <issuerTradingSymbol>ICGE</issuerTradingSymbol>
    </issuer>

    <reportingOwner>
        <reportingOwnerId>
            <rptOwnerCik>0001255142</rptOwnerCik>
            <rptOwnerName>DOWNES DAVID K</rptOwnerName>
        </reportingOwnerId>
        <reportingOwnerAddress>
            <rptOwnerStreet1>690 LEE ROAD, SUITE 310</rptOwnerStreet1>
            <rptOwnerStreet2></rptOwnerStreet2>
            <rptOwnerCity>WAYNE</rptOwnerCity>
            <rptOwnerState>PA</rptOwnerState>
            <rptOwnerZipCode>19087</rptOwnerZipCode>
            <rptOwnerStateDescription></rptOwnerStateDescription>
        </reportingOwnerAddress>
        <reportingOwnerRelationship>
            <isDirector>1</isDirector>
            <isOfficer>0</isOfficer>
            <isTenPercentOwner>0</isTenPercentOwner>
            <isOther>0</isOther>
        </reportingOwnerRelationship>
    </reportingOwner>

    <nonDerivativeTable>
        <nonDerivativeTransaction>
            <securityTitle>
                <value>Common Stock, par value $.001 per share</value>
            </securityTitle>
            <transactionDate>
                <value>2006-02-24</value>
            </transactionDate>
            <transactionCoding>
                <transactionFormType>4</transactionFormType>
                <transactionCode>A</transactionCode>
                <equitySwapInvolved>0</equitySwapInvolved>
            </transactionCoding>
            <transactionAmounts>
                <transactionShares>
                    <value>3500</value>
                    <footnoteId id="F1"/>
                </transactionShares>
                <transactionPricePerShare>
                    <value>0</value>
                </transactionPricePerShare>
                <transactionAcquiredDisposedCode>
                    <value>A</value>
                </transactionAcquiredDisposedCode>
            </transactionAmounts>
            <postTransactionAmounts>
                <sharesOwnedFollowingTransaction>
                    <value>31316</value>
                    <footnoteId id="F2"/>
                </sharesOwnedFollowingTransaction>
            </postTransactionAmounts>
            <ownershipNature>
                <directOrIndirectOwnership>
                    <value>D</value>
                </directOrIndirectOwnership>
            </ownershipNature>
        </nonDerivativeTransaction>
    </nonDerivativeTable>

    <footnotes>
        <footnote id="F1">This amount of stock units represents the right of the Reporting Person to exchange such units for an equivalent number of shares of Common Stock following the date of termination of service or employment of the Reporting Person with the Issuer pursuant to the terms of the Internet Capital Group, Inc. 2005 Omnibus Equity Compensation Plan.</footnote>
        <footnote id="F2">This amount includes 9,916 shares of Common Stock that the Reporting Person has the right to receive following the termination of his services as a director pursuant to the terms of the Internet Capital Group, Inc. Deferred Stock Unit Program under the Internet Capital Group, Inc. 1999 Equity Compensation Plan.  The amount also includes 14,500 stock units that the Reporting Person has the right to receive following the termination of his service or employment with the Company pursuant to the terms of the Internet Capital Group, Inc. 2005 Omnibus Equity Compensation Plan.</footnote>
    </footnotes>

    <ownerSignature>
        <signatureName>David K. Downes</signatureName>
        <signatureDate>2006-02-24</signatureDate>
    </ownerSignature>
</ownershipDocument>
</XML>
</TEXT>
</DOCUMENT>
</SEC-DOCUMENT>
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