SpaceX is expected to IPO in June with a rumored valuation over $2 trillion following an xAI merger. Most people are trying to figure out how to buy into the IPO, but Alphabet might be the actual play here. Alphabet bought about 7% of SpaceX back in 2015 for $900 million. Assuming their stake hasn't been diluted, it could be worth over $100 billion when SpaceX goes public. Right now, this investment sits quietly on Google's balance sheet as an illiquid private holding. Once SpaceX lists, that equity becomes liquid and gets properly marked to market. Alphabet is trading at 26x forward earnings, basically in line with the S&P 500. It looks like the market hasn't fully priced in this $100 billion windfall on top of their core search, cloud, and AI businesses.