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Alphabet's $98B gain from SpaceX stake, $920M GPU lease

7/24/2026

29 3 Full Breakdown

Summary

Story summary

Alphabet (Google’s parent) holds a 5% stake in SpaceX valued at $94 billion after the June 12, 2026 IPO.
SpaceX priced its IPO at $135 per share, raised $75 billion, closed near $161 and has a $2.1 trillion market cap, while its stock has fallen over 40% from the post-IPO peak.
Google will lease 110,000 Nvidia GPUs from SpaceX for $920 million monthly through June 2029, a deal that gives Alphabet $98 billion in unrealized gains.

History

Historical Context

In its 2004 IPO prospectus, Google famously placed the “Don’t be evil” motto, signaling a culture of avoiding conflicts of interest. The principle survived the 2015 restructuring that created Alphabet, but faced a 2021 lawsuit by three former employees alleging the company breached that pledge. The case underscores ongoing tension between tech valuations and ethical commitments.

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Story summary

Alphabet (Google’s parent) holds a 5% stake in SpaceX valued at $94 billion after the June 12, 2026 IPO.
SpaceX priced its IPO at $135 per share, raised $75 billion, closed near $161 and has a $2.1 trillion market cap, while its stock has fallen over 40% from the post-IPO peak.
Google will lease 110,000 Nvidia GPUs from SpaceX for $920 million monthly through June 2029, a deal that gives Alphabet $98 billion in unrealized gains.

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