SpaceX filed paperwork for a summer IPO and is reportedly targeting a $1.75 trillion valuation following a merger with xAI. For those looking for pre-IPO exposure, Alphabet owns about 7% of SpaceX from a $900 million investment in 2015. If the IPO hits that valuation, Alphabet's stake would be worth around $120 billion. Alphabet's core business is also showing solid numbers. Google Cloud revenue grew 48% in Q4 due to AI demand for Gemini and their custom TPUs. Waymo is currently testing robotaxis in more cities, and analysts project them to lead the autonomous vehicle market over Tesla by 2032. Alphabet is trading at 28 times earnings with projected 15% annual earnings growth.