A $900 million bet on SpaceX placed by Alphabet in January 2015 has swelled to a value exceeding Costa Rica's entire gross domestic product, according to a Motley Fool analysis. The staggering return dwarfs what the same capital would have earned in traditional equities, reigniting comparisons between Elon Musk's two most prominent companies.

Two competing analyses published Friday pit SpaceX against the S&P 500 and Tesla. Motley Fool found that historical data on mega IPOs suggests the private rocket company is more likely to outperform a broad market index. A separate Yahoo Finance piece examines which of Musk's ventures will deliver better returns by the end of July.

Alphabet's stake in SpaceX now sits at a valuation that surpasses the economic output of an entire nation. For context, Costa Rica posted a nominal GDP of roughly $70 billion in 2023 — meaning the search giant's single investment has multiplied many times over in roughly 11 years.

The comparison carries weight beyond Musk fandom. The S&P 500 returned approximately 230% over the same period, a figure that pales next to SpaceX's growth. Yet Tesla shares have outperformed the index handily, gaining more than 1,000% since 2015 despite recent volatility.

Critics caution that SpaceX remains a private company with limited liquidity and no guaranteed IPO timeline. Historical IPO patterns do not guarantee future outcomes, and a single company's dramatic rise may not be repeatable. The debate underscores how private market gains can obscure risk.