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The two most-wanted stocks in America spent most of this year being unbuyable.

Space Exploration Technologies Corp (SPCX), or “SpaceX,” went public on June 12 at $135 per share. It popped to $150 before any regular investor could get in, then closed the day at $161. Anyone brave enough to buy in has since been on a nauseating rollercoaster ride.

Anthropic filed confidentially in June and is reportedly targeting an October debut at $2 trillion or more. Its shares will remain in private markets until that point.

So, investors keep asking the same questions: How do I buy SpaceX stock? How do I buy Anthropic?

Here’s the thing. You can already own both through one investment. And it happens to be the cheapest large-cap AI business in America relative to its growth:

Alphabet Inc. (GOOGL)

The tech giant is also my favorite Magnificent Seven firm today. I have a target price of $500 on the stock, a roughly +47% upside. Below, I’ll explain why GOOGL stock might just be the best deal on the market right now, especially for people seeking a backdoor into two of the most expensive, “unbuyable” stocks around.

Why the SpaceX Stock Price Makes GOOGL a Better Entry

In January 2015, Google wrote a $900 million check to a rocket company that most people considered a science project.

That stake is now worth roughly 100 times what Google paid for it and has turned the tech giant into SpaceX’s second-largest owner. Its 551.2 million SpaceX shares are more than Fidelity’s 302.6 million. More than Gigafund, Baillie Gifford, or BlackRock. After Elon Musk’s 48.4% stake, nobody on earth owns more SpaceX than Google.

And here’s the catch:

Alphabet cannot sell a single share yet. Roughly $80 billion sits under standard post-IPO lockup restrictions, and another $14.1 billion is locked through the third quarter of 2027.

That means you can buy SpaceX today at whatever SPCX happens to cost. Or you can own the same shares inside a business trading at 21 times earnings. I know which I would prefer.

How to Buy Anthropic Stock Without the Destiny Tech100 Premium to NAV

The search giant also happens to own 14% of Anthropic, which is nearly the maximum it is contractually allowed to have. Alphabet will supply five gigawatts of computing power to this tech startup as well.

This “backdoor” investment beats going through the front.

Because here’s what the front door looks like:

In March, shares of Fundrise Innovation Fund (VCX) surged over $500 as investors realized that 20% of the fund was made up of Anthropic’s private shares. At its peak, investors were paying a 1,900% premium to net asset value. Destiny Tech100 (DXYZ) saw a similar rise, despite Anthropic making up less than  20% of the fund.

Crowding through this “front door” has proved disastrous for investors. VCX has since lost over 90% of its peak value, and DXYZ is down two-thirds. Yet they still trade at 60% to 90% premiums to net asset value.

That means if you want to buy Anthropic through VCX, every $10 of Anthropic costs you $18 to buy, plus 2% fees every year.

That’s like buying overpriced hot dogs at a baseball stadium… and then being asked for another $0.50 for every ketchup packet. It’s a tough deal to swallow.

Meanwhile, Alphabet’s stake is not marked to market at all. It is carried at cost and only moves when someone buys at a new price. It went from $350 billion to $965 billion because an investor wrote a check at $965 billion. It will sit there until someone writes another one.

When Anthropic goes public, everything above a $965 billion valuation will suddenly appear on Alphabet’s income statement as gain. And in this sense, buying Anthropic through Alphabet is even better than sneaking Costco hotdogs into a Red Sox game. Instead, it’s like buying box seats at a discount (that’s the Alphabet shares) and then having free hot dogs (the Anthropic stake) show up with as much ketchup as you could want (zero fees to own).

Alphabet Owns Every Layer of AI: What Is Google Stock Actually Worth?

Strip out Alphabet’s investments, and I still recommend this business.

That’s because Alphabet is the only company that owns every layer of the AI business:

• Energy procurement: Intersect Power
• Custom AI chips: Tensor Processing Units, Google Axion, Frozen v2, Google Argos
• Cloud infrastructure: Google Cloud
• AI models: Gemini, Gemma, Veo, Nano Banana, AlphaFold, etc.
• Distribution: Search, YouTube, Android, Google Enterprise

That means if Gemini wins, Alphabet wins. If Anthropic wins, Alphabet collects the rent and marks up its 14% stake. And if cheap open-sourced AI models come out ahead, then Alphabet will be selling the computing power needed to run it all.

This business model has already allowed Alphabet’s cloud services to start catching up with its two closest rivals: Microsoft Corp. (MSFT) and Amazon.com (AMZN). In its most recent quarter, Alphabet announced that revenues increased 24%, led by an 82% increase in Google Cloud sales. Nearly 90% of Fortune 100 now uses at least one Google Cloud service, and profits in that segment have tripled in a year.

Here’s how the companies now compare:

• Alphabet: 82% growth (~15% market share)
• Microsoft: 43% growth (~20% market share)
• Amazon: 37% growth (~28% market share)

You can see how quickly Google Cloud is catching up.

The company’s search revenues have also held up well against AI chatbot competition. Sales in that segment accelerated to a 17% growth rate (up from 12% the year before), and it should continue to do well as we enter America’s most expensive midterms in history. In fact, advertising data firm AdImpact projects that total political ad spending in 2026 could eclipse the amount spent in the 2024 presidential election.

That should boost Alphabet’s advertising revenues. Political ads usually raise ad prices more broadly, creating a multiplier effect that benefits all ad platforms.

That’s why I expect Alphabet’s core earnings per share to reach $12 this year, and perhaps $20 in 2028. Alphabet has spent the past several years reorganizing itself for the AI age, and the fruits of these efforts are finally beginning to show.

A Word of Warning: The Risks Baked Into GOOGL Stock

Of course, an investment in Alphabet comes with risks.

• Earnings Volatility. Once Anthropic goes public, it will start getting “marked to market” on Alphabet’s income statement every quarter, much like SpaceX shares. Earnings volatility will become a permanent fixture of Alphabet’s results.
• Circular Deals. Google invests in Anthropic. Anthropic promises $200 billion to Google Cloud. Google then books Anthropic’s rising value as its own profit. Push that far enough, and it looks like Lucent and Nortel in the 1990s.
• Free Cash Flow. This metric turned negative for the first time in Alphabet’s recent history in Q2. The company covered the gap with a record $85 billion stock sale.

And so, a few items will change my mind about Alphabet.

The big one is cloud growth. If Google Cloud’s revenue growth rates start sagging below 40% in 2027 (or a major AI customer delays promised spending) then that is a clear sign that something is wrong in the AI world. I would carefully assess the reason, with one eye fixed on the exits.

The second item is search revenues – the original driving force behind Alphabet’s cash machine. If this key segment starts growing under 10% in any quarter, I will start worrying that AI is finally eating into the company’s core business.

The third is operating margins. Cloud computing companies like Alphabet must spend enormous amounts of cash on new chips and data centers… and then hope those bets pay off. Declining operating margins are an early warning signal of something going wrong (i.e., depreciation is outrunning monetization).

Nevertheless, I believe Alphabet is still a bet worth taking. My projected growth rates are not particularly demanding (especially given the rapid adoption of AI), and neither is the target earnings multiple I have on GOOGL stock for 2028 (20X core earnings plus 5X for non-core earnings, which comes to $500).

In addition, buyers will receive free exposure to SpaceX and Anthropic stock… not to mention Alphabet’s other bets like self-driving cars (Waymo), quantum computing (Willow), data centers in space (Project Suncatcher) and more.

In less than three years, Alphabet has gone from a company defending its turf from AI competition to being one of the leaders itself. Its shares at today’s prices are too good to pass up.

Editor’s Note: Elon Musk revived the electric car, pioneered reusable rockets, and beamed down internet to the four corners of the Earth. But his new initiative – “XPANSE” – could be bolder… more transformative… and far more lucrative than all of these innovations combined. And, like Tesla and SpaceX, it could make early investors incredibly wealthy. Click here for the details… 

How to Buy SpaceX and Anthropic Stock FAQ

How do I buy SpaceX stock?

SpaceX is public now, trading as SPCX after its June 12 debut at $135. You can buy it outright, or own the same shares cheaper through Alphabet (GOOGL), the largest holder after Elon Musk, at 21 times earnings.

How do I buy Anthropic stock before the IPO?

You can’t buy it directly yet. Anthropic filed confidentially in June and is targeting an October debut at $2 trillion or more. Alphabet already owns 14% of it, carried at cost, so GOOGL is the cleanest way in.

What is the Destiny Tech100 (DXYZ) premium to NAV?

DXYZ and Fundrise’s VCX ran up on their Anthropic exposure and still trade at 60% to 90% premiums to net asset value. Through VCX, every $10 of Anthropic costs $18, plus 2% in annual fees.

Why is Alphabet the best backdoor to SpaceX and Anthropic?

It owns both stakes and the whole machine underneath: chips, cloud, models, and distribution. If Gemini wins, Alphabet wins. If Anthropic wins, it collects the rent and marks up its stake.

What are the risks of owning GOOGL stock?

Earnings volatility once Anthropic is marked to market each quarter, circular deals with Anthropic that echo Lucent and Nortel, and free cash flow that turned negative in Q2, covered by a record $85 billion stock sale.

Is GOOGL stock a buy right now?

I think so. It’s my favorite Magnificent Seven name, with a $500 target, about 47% upside. Even stripping out the stakes, it’s the cheapest large-cap AI business relative to its growth.