Nvidia disclosed a stake in SpaceX worth about $21 billion as of the end of the second quarter, according to a 13F filing with the Securities and Exchange Commission reported by CNBC. The position consists of roughly 122.8 million SpaceX Class A shares.
SpaceX is the second-largest holding in Nvidia's disclosed equity portfolio, behind a position in Intel that the filing valued at about $30 billion.
The SpaceX position was not a direct purchase. Nvidia put $10 billion into xAI as part of a $20 billion round in January, according to a person familiar with the deal cited by CNBC; the exact size was never made public. SpaceX then acquired xAI in an all-stock deal in February at a reported $1.25 trillion valuation, and Nvidia's xAI holding converted into SpaceX Class A shares.
Both of Nvidia's largest disclosed holdings are companies that have committed to buying its chips. Musk said on SpaceX's second-quarter earnings call that the company will exclusively use Nvidia chips in its AI data centers, citing the "best architecture" for training and inference. 24/7 Wall St. described the structure as one where "Nvidia funds the customer, the customer commits to buying Nvidia chips, and Nvidia's equity stake rises in value if the customer succeeds."
The disclosed figures are a snapshot dated June 30 and have since moved. SpaceX shares closed at $170.86 on June 30 and at $140 on August 14, which puts the stake closer to $17.2 billion. The Intel position is now worth about $22 billion, down from $30 billion at quarter end, on a $5 billion investment Nvidia made less than a year ago.
Nvidia is the sixth-largest SpaceX investor, per FactSet data cited by CNBC. Musk is by far the largest at about $850 billion, followed by Alphabet at roughly $78 billion. Musk said on the earnings call that he expects SpaceX to receive a "significant allocation" of Nvidia's Vera Rubin GPUs next year.
SpaceX made its public market debut in June, after filing for the largest IPO in history at a $1.75 trillion valuation. The company has been assembling an AI business alongside its launch operations, agreeing to acquire Cursor parent Anysphere for $60 billion and renting its entire 300MW, 220,000-GPU Colossus 1 data center to Anthropic. Anthropic agreed to pay SpaceX nearly $45 billion over three years for computing access, and Google signed a monthly rental deal valued at $920 million, per Incrypted.
Source: CNBC
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