The number that carried SpaceX into the largest initial public offering in history was not a launch cadence figure. It was roughly $75 billion of contracted artificial intelligence revenue, assembled in the six weeks before the June 12 listing and presented to investors as the evidence that the company had become something more durable than a rocket manufacturer. Anthropic agreed in late May to pay $1.25 billion a month through May 2029 for exclusive access to the Colossus 1 facility outside Memphis. Google followed on June 5 with $920 million a month from October 2026 through June 2029 for approximately 110,000 Nvidia GPUs, plus the CPUs, memory and supporting infrastructure around them. Two customers, three-year terms, a combined backlog larger than the annual revenue of most S&P 500 constituents. The roadshow wrote itself.

Alphabet reported $119.8 billion in Q2 2026 revenue, up 24% year-over-year and above the roughly $117 billion consensus, marking a twelfth consecutive quarter of double-digit growth. Google Cloud revenue surged 82% to $24.8 billion, beating estimates near $22.5 billion, with Cloud operating income tripling to $8.8 billion from $2.8 billion a year ago. GAAP EPS came in at $9.11, dwarfing the roughly $2.89 consensus. None of that headline is what moved the stock. The GAAP beat was driven almost entirely by a $99 billion unrealized gain on Alphabet’s equity stakes in Anthropic and SpaceX; strip that out and adjusted EPS was $2.85, a miss against the $2.89 estimate. Shares fell as much as 5% in after-hours trading, not on the earnings number, but on management raising full-year 2026 capex guidance to $195-205 billion from $180-190 billion and flagging a further significant increase into 2027. The quarter beat on almost every reported line and the market sold it anyway.

Berkshire Hathaway agreed to put another $10 billion into Alphabet on June 1, taking $5 billion of Class A stock at $351.81 and $5 billion of Class C at $348.20 through a private placement. Read it for what it is: the most conservative large-cap investor on earth, a firm that spent decades treating technology as off-limits, writing one of its biggest checks of the cycle into the company building the picks and shovels of the AI economy. This is not a clever trade around a quarter. It is a statement about the next decade, and the people making it have a longer time horizon and a better track record than almost anyone in the market.