Alphabet(US:GOOGL) Zhi Tong Cai Jing·2025-12-15 00:05Core Insights - SpaceX has completed an internal tender offer, resulting in an implied valuation of approximately $800 billion for the company [1] - Google, as a long-term investor in SpaceX, is expected to recognize another significant book gain from this valuation adjustment [1] Group 1: Valuation and Investment - The internal stock sale of SpaceX was priced at $421 per share, significantly higher than previous secondary market trading prices, indicating a substantial increase in valuation [1] - Google has been an investor in SpaceX since at least 2015, holding about 10% of the company after participating in a $1 billion funding round alongside Fidelity [1] - Similar valuation adjustments earlier this year have already contributed to Google's earnings growth, with an estimated $80 billion unrealized gain related to private company investments reported in April [1] Group 2: Financial Reporting and Market Impact - Google has not disclosed specific details regarding its private holdings, but changes in SpaceX's valuation have previously been accounted for under "unrealized gains on non-public equity securities" in the company's earnings [1] - Investors are closely monitoring Google's upcoming financial report to see if this latest valuation adjustment will again lead to accounting-level performance growth for the company [2]