Could Alphabet Be the Best Way to Buy SpaceX and Anthropic Before Their IPOs?

If you're excited about the upcoming SpaceX and Anthropic initial public offerings (IPOs), there are indirect ways to gain exposure to both innovative companies before the chaos of their public debuts, without taking on the high risk and volatility directly. Alphabet (NASDAQ: GOOG) (NASDAQ: GOOGL) has significant positions in both; thus, Alphabet investors could see potential upside from the success of SpaceX and Anthropic.

Alphabet boarded the rocket ship in 2015

Alphabet made a $900 million investment in SpaceX more than a decade ago. This was back when SpaceX was valued at a mere $12 billion, and it gave Google's parent company an approximate 7.5% stake. As of 2025, a filing showed that Alphabet still owned a little more than 6% of SpaceX.

It goes without saying that Alphabet's investment in SpaceX has rocketed upward. SpaceX plans to IPO at $135 per share. This values the company at $1.77 trillion. In February of this year, Elon Musk's xAI merged with SpaceX. The rocket company also owns several other subsidiaries, most notably the satellite internet constellation Starlink. Whether these multiple business interests justify the extremely high valuation is debatable, but Musk is determined to make SpaceX the biggest IPO of all time.

Alphabet has also invested more than $3 billion in Anthropic with a stake that's estimated at 14%. Anthropic recently confidentially filed an S-1 with the SEC at a valuation of $965 billion. The company could ultimately debut with a market cap of more than $1 trillion. Anthropic is one of the fastest-growing companies in history, and Alphabet shareholders are part of the action.

Image source: The Motley Fool.

These large investments by Alphabet suggest the company has a high interest in both space infrastructure and the next generation of artificial intelligence (AI). In November 2025, Alphabet announced Project Suncatcher, which is an initiative to create a space-based scalable AI-infrastructure system design. Of course, the technology and teams behind Anthropic and SpaceX fit perfectly into this new mission.

The risks Alphabet shareholders face stem from antitrust issues with the Department of Justice. Alphabet will also dilute existing shareholders when it issues $80 billion in new equity to fund AI projects over the next few years.

Alphabet's stability provides cover for investors

Alphabet is a great long-term investment with or without SpaceX and Anthropic. The company's financials are incredibly robust. In its latest quarterly earnings (Q1 2026), Alphabet's revenue increased 22% to $109.9 billion. It was the company's 11th consecutive quarter of double-digit growth.

Google Cloud revenue was most impressive, growing 63% to $20 billion. Earnings per share jumped an incredible 82% to $5.11. Alphabet also increased its quarterly dividend to $0.22 per share.

Alphabet is a dominant force to be reckoned with. It has a wide moat and its success does not hinge solely on its private investments. For this reason, investors interested in SpaceX and Anthropic but seeking reduced volatility and risk should consider Google's parent company.

Catie Hogan has no position in any of the stocks mentioned. The Motley Fool has positions in and recommends Alphabet. The Motley Fool has a disclosure policy.