The pig, which measured the width of two buses, was found by two families on their driveways in La Quinta.
They will split the $10,000 (£5,090) reward offered by the Coachella music festival, from where the pig was lost.
The inflatable pig bore the image of a ticked ballot box for US presidential hopeful Barack Obama on its underbelly.
The animal's flanks carried the slogans "fear builds walls" and "don't be led to the slaughter", with a cartoon of Uncle Sam holding two meat cleavers.
Former Pink Floyd star Waters said "that's my pig" as it drifted away during Sunday's gig.
Coachella spokeswoman Marcee Rondan said: "It wasn't really supposed to happen that way."
The pig was tethered to the ground with ropes and floated away as Waters was playing Pink Floyd song Pigs on the Wing.