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From: Julius Wong12/14/2025 5:45:44 PM
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Alphabet poised for another accounting windfall as SpaceX’s valuation surges

Dec. 14, 2025 11:22 AM ET
By: Rob Williams, SA News Editor

Alphabet ( GOOG) ( GOOGL) appears likely to record a fresh uplift to the value of one of its largest private holdings after SpaceX ( SPACE) completed a new tender offer that effectively prices the company at roughly $800 billion, Bloomberg News reported Sunday.

The latest sale of insider shares was struck at $421 apiece, a level that represents a substantial step-up from earlier secondary transactions. The higher mark would raise the carrying value of Alphabet’s minority stake in Elon Musk’s space and satellite operator.

Google’s parent company has been an investor in SpaceX ( SPACE) for a decade, participating alongside Fidelity in a $1 billion financing round in 2015 that granted the pair a combined 10% stake at the time. Google declined to comment on the latest valuation change, citing its practice of not discussing specific private investments.

Alphabet ( GOOG) ( GOOGL) has benefited from similar adjustments before. In April, the company reported an $8 billion unrealized gain linked to a private holding, widely assumed to be SpaceX ( SPACE), after a tender offer late last year implied a valuation of about $350 billion. That revaluation provided a notable lift to Alphabet’s ( GOOG) ( GOOGL) first-quarter profit.

Although Alphabet ( GOOG) ( GOOGL) doesn’t identify its private portfolio companies in earnings reports, movements in SpaceX’s ( SPACE) worth have consistently shown up under “unrealized gains on non-marketable equity securities.” With the newest tender assigning SpaceX ( SPACE) a far richer valuation, analysts expect Alphabet’s ( GOOG) ( GOOGL) upcoming results to reflect another sizable accounting gain, Bloomberg News reported.
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