Alphabet's Stake in SpaceX Just Swelled to $94.1 Billion, and Its Position in Anthropic Is Worth Even More

Alphabet disclosed that its 2015 investment of $900 million in SpaceX has ballooned to $94.1 billion, marking a 104-fold return on one of the decade's most lucrative venture bets. The position includes $80 billion subject to early release restrictions starting August 2026, a key liquidity date for GOOGL shareholders.

The company's stake in Anthropic—the AI startup behind the Claude language model—now carries a valuation exceeding $124.3 billion based on non-marketable equity securities reported in recent filings. Combined, the two positions represent more than $218 billion in off-balance-sheet value for Alphabet, dwarfing the $900 million SpaceX seed round nearly tenfold in the Anthropic stake alone.

The markups underscore Alphabet's dual strategy: capturing upside in capital-intensive infrastructure plays like SpaceX while hedging OpenAI's dominance through direct AI model competition. Both investments sit outside GOOGL's core Search and Cloud segments, adding optionality as regulatory scrutiny intensifies on its advertising empire.