Xin Lang Cai Jing·2025-12-11 08:29Group 1 - Alphabet's stock performance has been impressive this year, with an increase of nearly 70%, leading to a market capitalization of $3.8 trillion [1] - A significant investment made by Alphabet in a startup years ago is expected to yield one of the highest returns in history, potentially realizing profits next year [3] Group 2 - In 2015, Alphabet invested approximately $900 million in SpaceX, acquiring about 7% equity when SpaceX was valued at $12 billion [5] - SpaceX is now planning to go public next year with a valuation of $1.5 trillion, which would increase the value of Alphabet's shares to approximately $111 billion [5] - This investment has had a substantial impact on Alphabet's financial performance, contributing to an $8 billion gain from "non-public equity investments," which accounts for 25% of Alphabet's net profit for Q1 2025 [5] - The initial focus of Alphabet's investment was on SpaceX's Starlink project, which has proven successful and has created strategic synergies, as SpaceX utilizes Google Cloud for its Starlink system [6]