Google's $94B SpaceX stake looks great on paper. But the cash flow story is the real problem.

Yeah the 100x return on that original $900M SpaceX investment sounds incredible. And $94.1B in paper gains is genuinely wild. But let's be real, the GAAP EPS looks great at $9.11 until you strip out the investment gains and land at $2.85 adjusted. That's a massive gap. And SpaceX is already down 13% from its IPO price, which means roughly $32B of that paper gain has already evaporated. The part that worries me more is the free cash flow. Negative $5.9B in Q2, and they just revised CapEx guidance to $195-205B for 2026. That's not a growth story, that's a cash burn story dressed up in SpaceX hype. Checked the breakdown on MooMoo and most of that SpaceX position is locked up anyway, around $80B until August and another $14B through September 2027. So the "wealth" is basically illiquid for months. Ngl I was tempted to add $GOOG on the dip but the fundamentals look shakier than the headline number suggests. Anyone else cutting through the noise here or still holding through the CapEx cycle? [More>>](https://www.moomoo.com/news/post/73492112?global_content=%7B"promote_content":"11067213","promote_id":20795,"promote_type":43,"sub_promote_id":1%7D)