Is SpaceX about to begin the myth of creating wealth? Alphabet (GOOGL.US) may receive a return of billions of dollars.

With SpaceX advancing its plans for an initial public offering (IPO), the potential returns for its investors have sparked widespread market attention. A recent disclosure document shows that early investor Alphabet (GOOGL) is poised to receive returns as high as hundreds of billions of dollars, highlighting the vast wealth creation capabilities in the commercial space industry. According to the disclosure, Alphabet's core subsidiary holds approximately 6.11% of SpaceX by the end of 2025. If the company achieves an estimated valuation of around $2 trillion in the IPO, the value of this stake will be around $122 billion. However, after SpaceX's merger with xAI in early 2026, Alphabet's stake may be diluted to around 5%, corresponding to a valuation of approximately $100 billion. Currently, SpaceX has confidentially filed for an IPO with a target listing as early as June this year, with a fundraising scale of up to $75 billion, which, if successful, would be one of the largest IPOs in history. The market expects the company's valuation to surpass the $2 trillion mark. Apart from Alphabet, SpaceX founder Musk still holds around 40% of the shares and is poised to see his personal wealth soar to the trillion-dollar level after the IPO. Additionally, various stakeholders, including early venture capital firms and core executives, are also expected to realize substantial returns. Analysts point out that the returns for early investors are extremely significant. Even investors who entered around 2021 may see returns exceeding 20 times. Since its founding in 2002, SpaceX has risen to become a "unicorn" in just eight years, a growth rate that was particularly rare at that time. Alphabet initially participated in a $1 billion financing round in 2015 alongside Fidelity, when SpaceX was valued at around $10 billion, and the two institutions collectively obtained approximately 10% of the shares. With multiple rounds of financing and dilution of equity, their current stake has decreased. Although Alphabet has not disclosed its specific holdings in SpaceX, its financial reports show that in the first quarter of 2025, the company recorded approximately $8 billion in gains from private equity investments, with unrealized gains for the year reaching $24.1 billion, the majority of which came from similar investments like SpaceX.