Alphabet’s Profit Gets $8 Billion Boost From SpaceX Investment
Alphabet’s net income in the quarter that ended in March rose to $34.5 billion, or $2.81 a share.
Photographer: David Paul Morris/BloombergAlphabet 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.