ALPHABET IS INCREASINGLY LAUNCHING ‘MOONSHOT' PROJECTS AS INDEPENDENT COMPANIES — HERE'S WHY

Summary from the TLDR newsletter

Alphabet's X Moonshot factory is increasingly spinning out its ambitious technology projects to market as independent companies rather than keeping them within the Alphabet corporate structure, because while some moonshots benefit from Alphabet's resources and scale, others can go faster and won't really benefit from being part of the company because they're too different. It uses a dedicated venture fund called Series X Capital to invest in its spinouts. The moonshot factory has a culture that celebrates killing off promising ideas. It actively looks for reasons to shut down its projects, resulting in a brutal 2% hit rate - this makes it necessary to have a fund that deeply understands its goals.