I don’t think SpaceX is priced into GOOG yet

Alphabet reported about $8 billion in unrealized gains from its SpaceX investment in Q1 2025, which is nowhere close to the roughly $112 billion value(Alphabet’s estimated 7.5% stake) implied by a $1.5 trillion SpaceX IPO. This gap suggests that analysts aren’t fully pricing private-company valuations like SpaceX into Alphabet’s stock.