Alphabet’s Profit Gets $8 Billion Boost From SpaceX Investment
Alphabet Inc. said its
first-quarter profit was boosted by $8 billion in unrealized gains from an investment in a private
company. That company is Elon Musk’s Space Exploration Technologies Corp., according to a person familiar
with the matter.
Internet search giant Google, owned by Alphabet, has been a major investor in
SpaceX since at least 2015, when it joined Fidelity Investments in a $1 billion investment for a combined
stake of about 10%, Bloomberg reported at the time. In December 2024, SpaceX and investors agreed to buy
insider shares in a transaction that valued Musk’s rocket and satellite maker at about $350 billion,
Bloomberg reported.
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