GOOGL earnings 7/22 the GAAP number is going to look insane

A WSB poster argues that GOOGL's Q2 GAAP EPS will massively beat the $2.89 consensus estimate, potentially reaching $5-7, due to a $70B unrealized gain from Google's ~5-6% stake in SpaceX following its June 12 IPO. With SPCX closing at $170.86 on June 30, Google's SpaceX stake jumped from ~$40B to ~$113B, and this mark-to-market gain must now be reported through the income statement at face value for the first time as a tangible asset.

Why it matters: After taxes and share count, the gain could add ~$4.50 to EPS, but analysts exclude this below-the-line item from estimates since it's tied to a single closing price on one day and was historically downplayed by Google.