Google’s SpaceX and Anthropic Investments Among Most Successful Venture Bets

Alphabet Inc., the parent company of Google, is being characterized as a high-performing venture capital entity due to the significant returns generated by its early investments in SpaceX and the artificial intelligence firm Anthropic.

According to reporting from MarketWatch on May 2, 2026, these specific stakes are described by one expert as some of the most successful venture bets any public company has ever made.

The narrative suggests that Google has evolved into a glorified venture-capital fund, utilizing its massive cash reserves to secure equity in private companies that are now dominating their respective industries of aerospace and generative AI.

The SpaceX Investment

Alphabet’s relationship with SpaceX began with a $1 billion investment in 2015. At the time, the funding was aimed at supporting SpaceX’s ambitions in satellite internet and launch capabilities.

By May 2, 2026, the valuation of SpaceX has increased substantially since that initial 2015 round. The investment has provided Alphabet with a significant asset on its balance sheet, far exceeding the initial capital outlay and positioning the company as a primary beneficiary of the private space sector’s growth.

Strategic Stakes in Anthropic

In addition to its aerospace holdings, Alphabet has made a strategic pivot toward the AI landscape through its investment in Anthropic. In 2023, Google announced a commitment to invest up to $2 billion in the AI startup, which develops the Claude series of large language models.

This investment serves a dual purpose. While it provides Alphabet with a financial stake in a direct competitor to its own Gemini AI, it also secures a critical partnership in the development of AI safety, and infrastructure.

The growth of Anthropic’s valuation alongside the broader AI boom has further contributed to the view that Alphabet is operating as a venture capital firm, leveraging its capital to hedge against disruptions in its core search business.

A Shift in Corporate Strategy

The strategy of investing in external, high-growth private companies differs from Alphabet’s traditional approach of internal research and development through its Other Bets segment, which includes ventures such as Waymo and Verily.

Industry analysts note that while internal moonshots often struggle with commercialization or high burn rates, the venture-style investments in SpaceX and Anthropic have allowed Alphabet to capture the upside of external innovation without the full operational risk of managing those companies.

This approach has transformed the company’s financial profile, adding layers of diversified assets that are not tied directly to advertising revenue or cloud computing services.

The success of these bets indicates a broader trend where mega-cap technology companies act as institutional investors, using their liquidity to maintain a footprint in emerging technologies that they may not be able to develop internally at the same speed.