From an extensive profile
"Loon and Wing are not the first projects to get their diplomas from X (and, yes, employees get actual diplomas). Verily, a life sciences outfit with plans to monitor glucose levels with contact lenses, made the leap in 2015. And lo, the self-driving effort made the leap in December 2016, taking on the name Waymo. Cybersecurity project Chronicle ascended to autonomy in January.Inside X, the Moonshot Factory Racing to Build the Next Google -- Wired
The dual graduation of Loon and Wing—both big, ambitious, projects—marks a watershed for X and perhaps the moment when the secretive research and design division starts to make good on its mission. For the technological giant that has made its billions in advertising, X isn’t a junk drawer for unusual projects that don’t fit elsewhere in the corporate structure. It’s a focused attempt to find a formula for turning out revolutionary products that don’t just sit on a screen but interact with the physical world. By launching Loon and Wing into the world, X will soon discover whether it can effectively hatch new Googles—and put Alphabet at the head of industries that don’t yet exist.
But Alphabet’s attempt to birth the next generation of moonshot companies raises two questions. Can this behemoth grow exponentially? And do we want it to?"