Alphabet earned $112 billion in profit — two thirds came from bets in Anthropic and SpaceX

Alphabet reported record quarterly profit of $112 billion — the largest in the company’s history. The main source was not operating activity, but a revaluation of investments: its stakes in Anthropic and SpaceX were marked up by $99 billion, providing more than two thirds of the final result.

This refers to paper profit — the company did not receive real money. Such a revaluation reflects rising valuations of private companies, primarily in the fields of AI and space technology, but it could be revised if market conditions change. For investors, this is a signal: Alphabet’s “historic” record depends largely on volatile unrealized assets, rather than sustained revenue growth or operating margin.
$ANTHROPIC3S ‌$SPCX ‌