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GOOGLE'S INVESTMENTS SHOULD BE STUDIED. Google owns 7% of SpaceX and 14% of Anthropic, two of the biggest IPOs in history, both listing this year. $900 million invested in SpaceX in 2015 is now worth $126 billion, a 140x return. $13 billion invested in Anthropic is now worth $135 billion, a 10.4x return. Those two stakes are now worth $261 billion combined, an 18.8x blended return before either company has even gone public.

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