One of the more intriguing headlines to surface recently is the growing expectation that SpaceX, Elon Musk’s space and satellite juggernaut, could pursue an IPO as early as 2026. Rumors suggest a potential valuation of $1.5 trillion, which would make it the largest public offering in history. While that prospect is understandably exciting for space-focused names like Rocket Lab (NASDAQ: RKLB) and Planet Lab PBC (NYSE: PL), which saw upward momentum on the news, it could prove just as crucial, if not more so, for an unexpected beneficiary: Alphabet (NASDAQ: GOOGL).
The reason is simple. Alphabet is one of SpaceX’s earliest and most significant outside investors. If SpaceX ultimately goes public anywhere near the valuations currently being discussed, Alphabet stands to unlock one of the most extraordinary unrealized gains ever embedded inside a public company’s balance sheet.
