Nvidia discloses $21 billion SpaceX holding

Nvidia disclosed on Friday, 14 August, that it held nearly $21 billion of SpaceX stock at the end of June, making Elon Musk’s company its second-largest listed shareholding after Intel.

The AI chipmaker owned 122,764,805 Class A shares valued at $20.98 billion on 30 June, according to a Form 13F information table filed with the US Securities and Exchange Commission (SEC).

Its Intel stake was larger at 214,776,632 shares worth $29.99 billion at the end of the quarter.

Those two investments made up just over 80% of the $63.44 billion in securities listed in the filing. Nvidia reported eight holdings altogether, including stakes in CoreWeave, Coherent, Nokia, Synopsys, Nebius and Generate Biomedicines.

The values in the filing are based on market prices at the end of June.

The holding came through Nvidia’s earlier investment in xAI. SpaceX bought Musk’s AI company in an all-stock deal in February, leaving xAI investors with shares in the combined business.

The transaction valued SpaceX at $1 trillion and xAI at $250 billion. SpaceX went public on 12 June.

At the 30 June closing price of about $170.86, Nvidia’s shares were worth the $20.98 billion shown in the filing. SpaceX stock has since fallen, cutting the holding’s value to about $17 billion by the time Nvidia disclosed it, according to the Financial Times.

SpaceX is not just an investment for Nvidia but is also set to become a large customer. The company plans to build its future AI computing systems around Nvidia’s Vera Rubin architecture as it expands the data centers inherited from xAI. SpaceX expects to have more than two gigawatts of computing capacity by the end of 2026. Musk has said the figure could be closer to 10 gigawatts than five gigawatts by the end of 2027.

Those targets would require an enormous amount of hardware if SpaceX follows through with the buildout.

Nvidia said in January that Rubin was already in full production and that partner systems would become available in the second half of 2026. The platform brings together new graphics processors, central processors and networking chips for large AI clusters, according to the company’s announcement.

The overlap between investment and sales is becoming common across Nvidia’s business. The company has put money into cloud operators, AI developers, chipmakers and infrastructure companies, many of which buy its processors or build services around them.

For Nvidia, investing in those businesses can make it easier for them to raise money and order more hardware. If their valuations rise, Nvidia also gains through its shareholdings.

The risk runs both ways. A slowdown in AI infrastructure spending could hurt chip sales while also pulling down the value of Nvidia’s investments. Financing commitments could add to the exposure.

Intel offers another example of how quickly these holdings have grown.

Nvidia invested $5 billion in the chipmaker through a private placement completed in December 2025, buying about 214.8 million shares at $23.28 each. The companies also agreed to work together on processors for personal computers and data centers. By the end of June, Nvidia’s Intel shares were worth almost $30 billion.

The company is putting money into AI financing as well. Nvidia has joined Apollo, BlackRock, Blackstone, Brookfield, Goldman Sachs and KKR in plans to raise more than $500 billion for AI infrastructure.

Nvidia has the option to backstop as much as $125 billion, or 25% of possible deals, chief executive Jensen Huang said. The company has not disclosed how much each financial group will commit or when the money will be deployed, Reuters reported.

The financing would give customers another route to pay for Nvidia-based computing systems and hand Nvidia a larger financial interest in the data centers built around its chips