Google Becomes a Venture Capital Giant With SpaceX, Anthropic Bets
Google’s parent company, Alphabet, is no longer just a search and advertising giant. Thanks to its ballooning Google Alphabet SpaceX Anthropic investment portfolio, it is increasingly looking like one of the most powerful venture capital operations in the world, and Wall Street is starting to take note.
The numbers are staggering. Alphabet holds a 6.11% stake in SpaceX, originating from a roughly $900 million investment made a decade ago. With SpaceX targeting a $2 trillion valuation in a projected IPO later this year, that stake alone could be worth over $100 billion. On the AI side, Alphabet owns approximately 14% of Anthropic, and just committed up to $40 billion more in a landmark deal, beginning with $10 billion at a $350 billion valuation, with another $30 billion tied to performance milestones.
When Investment Gains Drive the Earnings Story
The financial implications are already showing up on Alphabet’s books in a dramatic way. Nearly half of Alphabet’s record $62.6 billion profit last quarter roughly $28.7 billion came not from search, ads, or cloud, but from marking up the value of its private equity holdings, primarily Anthropic. Critics have flagged the unusual dynamic where Alphabet’s continued investment in Anthropic directly inflates its own reported profits.
Combined, Alphabet’s SpaceX and Anthropic stakes are estimated at around $234 billion, a figure that could rise sharply when both companies pursue their expected IPOs before year-end. Anthropic’s annualized revenue has already surged past $30 billion, more than tripling in under a year, while SpaceX is eyeing a market debut that could surpass Saudi Aramco’s as the largest IPO in history.
For investors, the Google Alphabet SpaceX Anthropic investment story is rewriting how the market should value one of tech’s oldest giants.
