Subject: Berkshire indirectly gave SpaceX $30B
https://techcrunch.com/2026/06...

I would prefer to not be this cynical, but it's hard to see the facts otherwise. Quoting someone on a technical forum's analysis:

Google purchased 10% of SpaceX over a decade ago. After dilution they probably own around 5%.

SpaceX is valued at a whopping 94x revenue. This deal increases SpaceX's revenue by $11 billion per year. If SpaceX maintains this revenue multiplier, then this single deal boosts SpaceX's valuation by 94 x 11 billion = $1 trillion dollars. Google owns 5% of SpaceX, so they make 50 billion dollars. Google spends 10 billion and makes 50 billion, $40 billion profit.

The even better part is that because of this deal, SpaceX is now profitable. The S&P requires companies to demonstrate 12 months of profits before they can enter the S&P 500 index. SpaceX lobbied to have this profitability requirement removed, but S&P said no and refused to rewrite the rules.

Now with this incredible deal, SpaceX is now GAAP profitable under the existing rules, and they get to join the index next year without a rule change.

As a reply comment noted:

Off the top of my head, there is a very well established business involving buying expensive things and leasing them to the companies that intend to operate them so they can sell services: aircraft leasing.

AER is the biggest player and they have a P/E ratio of, drumroll please, 6. And I expect that GPUs, despite currently looking like an appreciating asset, will actually depreciate faster than aircraft in the long run.

I don't think retail or less sophisticated institutional analys will see it that way, even though it is accurate. Buying a few warehouses, reinforcing the floor and climate control, and putting a few billion dollars worth of Nvidia hardware in it is not a durable, high ROI, wide-moat business worth a high multiple but they will get one (maybe not 94x revenue, but I expect it will be substantial). SpaceX at this point is more of a REIT or leasing company. In 2025 they reported just under $20B in revenue between launch services and Starlink. Now the Anthropic Collosus lease and Google's lease under similar terms - I believe for Collosus 2 - have more doubled that revenue. And because of this investment round and the feedback loop from the small float that will kick in after SPX inclusion (possible now, with GAAP profitability), they may be become one of the most highly valued companies in history.

Since money is fungible, I assume this is viable because of the equity raise that BRK anchored. Google's 5% share will be worth $100B+, which will end up benefiting BRK's holdings. It is clever. I feel a little dirty about Berkshire's involvement, but I suppose someone else would have signed the check.