Alphabet Preferred for SpaceX Exposure as IPO Volatility Warnings Mount

On June 5 analysts downgraded direct SpaceX bets, citing extreme post-IPO volatility and no S&P 500 inclusion waiver, and instead highlighted Alphabet as the lower-risk proxy. Coverage began May 29 with Alphabet’s 5-6% stake valued at up to $120 billion, expanded June 1 to include its $135 billion Anthropic holding for a combined $257.6 billion in private assets, then broadened June 4 to EchoStar’s $11 billion SpaceX receivable and the XOVR ETF’s $292 million SPV. The latest note underscores Alphabet’s balance-sheet optionality versus speculative retail-driven trading in the upcoming $1.75 trillion IPO.