Alphabet Shares Emerge as Liquid Pre-IPO Route to SpaceX Stake

On May 22 analysts positioned Alphabet shares as the preferred vehicle for investors seeking indirect SpaceX exposure ahead of its targeted summer IPO. The strategy follows May 19-20 reports that SpaceX is pursuing a $1.75 trillion valuation and $70-75 billion listing, with Alphabet’s roughly 6 percent holding potentially worth $107 billion. Market commentary contrasts Alphabet’s $400 billion revenue and $462 billion Google Cloud backlog against SpaceX’s $15.5 billion revenue and 218x EBITDA multiple, framing GOOG as a lower-risk way to capture Starlink and Starship upside without paying 150 percent premiums in private secondaries.