Alphabet's first-quarter profit includes $8 billion in unrealized gains from an investment in a private company, insiders say the company is SpaceX, founded by Elon Musk.

In the first quarter, Alphabet's profit increased to $34.5 billion, including $8 billion in unrealized gains from an investment in a non-publicly traded company. According to sources, this company is SpaceX, founded by Musk. Alphabet has been a key investor in SpaceX since 2015, when it and Fidelity Investments jointly invested $1 billion in SpaceX, acquiring about 10% of the company. In December of last year, SpaceX and its investors reached a deal to purchase internal shares, valuing SpaceX at around $350 billion.