Nvidia Corp. disclosed in a Securities and Exchange Commission filing that it held a stake in SpaceX worth approximately $21 billion at the end of the second quarter, alongside a $30 billion position in Intel1,2,3,4.
The filing shows Nvidia Corp. owns 122.8 million Class A shares in SpaceX. Nvidia Corp. invested as much as $2 billion in xAI in 2025. The company's SpaceX stake came from its $10 billion investment in xAI as part of a $20 billion funding round in January. SpaceX subsequently acquired xAI in February in a deal valued at $1.25 trillion, converting Nvidia Corp.'s xAI position into SpaceX equity.
SpaceX held its public market debut in June. The stock closed at $140 on Friday, down from $170.86 at the end of June, reducing the market value of Nvidia Corp.'s holding to approximately $17.2 billion. The SpaceX position is Nvidia Corp.'s second-largest holding behind Intel, where the stake is currently worth about $22 billion, down from $30 billion when the quarter ended. Nvidia Corp. invested $5 billion in Intel.
The filing also surfaces a direct commercial relationship between the two companies. Elon Musk said SpaceX will exclusively use Nvidia Corp. chips in its AI data centers and to power its AI frontier models. Musk expects SpaceX will receive a significant allocation of Nvidia Corp.'s Vera Rubin GPUs next year.
ANALYSIS The disclosed positions make SpaceX and Intel the two largest equity holdings on Nvidia Corp.'s balance sheet, tying the chipmaker's financial performance to the fortunes of both a major chip customer and a chip competitor.
The exclusive chip-supply commitment from SpaceX creates a circular dynamic: Nvidia Corp. holds billions in SpaceX equity while SpaceX channels AI infrastructure spending back to Nvidia Corp. hardware.
The disclosure follows a period of active dealmaking around SpaceX. The company completed a $60 billion acquisition of AI coding startup Cursor, with the deal becoming effective on August 14 ctx.
The filing was first reported by Lynn Doan at Bloomberg.