SpaceX Is Doing What NeoClouds Can't (Rating Upgrade)

Impact · against what's priced in

The news is non-material for Alphabet as the market is not pricing the company based on its infrastructure partnerships, but rather on its internal cloud growth and search margins. The update confirms a partnership that does not shift the current valuation baseline.

GOOGL+0.00

Already priced in

The price assumes

Cloud revenue growing at or just above the current 35.8% pace

Alphabet's use of SpaceX GPU infrastructure supports the continued scaling of its cloud operations, but the market already assumes cloud growth at or above 35.8%.

What GOOGL's price assumes · Sep 2

• cloud computing▲4%
• GOOGL
• ai infrastructure
• alphabet
• anthropic
• capital expenditure
• gpu
• spacex

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