alt Hacker NewsI don’t think your math is correct. Profit is revenues minus expenses. Unless Google’s purchase of compute brings SpaceX’s revenues into profit territory (such that their total revenues exceed their expenses), SpaceX still won’t be profitable. This is accounting 101.
Google’s investment in SpaceX is completely orthogonal to the analysis. Equity investments aren’t revenue for the issuer. (Gains on sale would be revenue to the investor, in which case, this would be Google, not SpaceX.)
An equity interest in a company is a perpetual claim on future profits. Equity IS securitized profits.
Google's purchase sends cash to to SpaceX, which they report as revenue, and which they earn a profit from.