Feb. 3 at 9:02 AM
Wild stat most people miss
$GOOGL shareholders effectively own ~4–5x MORE exposure to SpaceX than
$TSLA shareholders following the SpaceX–xAI tie-up.
Even crazier part:
• Google’s SpaceX cost basis ~
$12B
• Tesla’s implied xAI/SpaceX exposure comes off a ~
$1.25T valuation base
Same underlying asset.
Very different entry prices.
Capital structure and cost basis matter — a lot more than the headline narrative suggests.