Fact-check: ~69% of Alphabet's profit beat was paper gains, but SpaceX too, not just Anthropic
NathanpmYoung · x · 2026-09-25
The Zvi claimed Google beat all headline numbers but over two-thirds of its profit came from paper gains on its Anthropic stake. The poster's verification: the 69% math is roughly right, but the gains aren't solely Anthropic — Alphabet's Q2 filing shows a $94B SpaceX stake revalued after its June IPO, plus $124.3B in non-marketable holdings (mostly Anthropic), together driving the $99B gain.
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