Nvidia’s SEC filing on Friday put a number to something the market had been waiting on: the chipmaker holds 122.8 million Class A shares of SpaceX, worth roughly $21 billion at the close of Q2.
SpaceX went public in June in a record IPO, priced at $170.86 at quarter end. By Friday’s close, the stock sat at $140, pulling the value of Nvidia’s position down to around $17.2 billion.
That makes SpaceX Nvidia’s second biggest public holding, behind only Intel. Nvidia’s Intel stake is currently worth about $22 billion, down from $30 billion at quarter end, but still a strong return on its $5 billion investment made less than a year ago.
Nvidia ranks as the sixth largest investor in SpaceX, according to FactSet data. Musk holds the top spot with a stake valued at around $850 billion. Alphabet comes in second at roughly $78 billion.
The SpaceX position traces back to January, when Nvidia put $10 billion into Musk’s xAI as part of a larger $20 billion funding round. SpaceX then acquired xAI in February in a deal valued at $1.25 trillion, converting Nvidia’s xAI stake into SpaceX equity.
The arrangement has since deepened beyond just equity. On SpaceX’s Q2 earnings call earlier this month, Musk said the company will exclusively use Nvidia chips in its AI data centers, calling Nvidia’s GPUs the best architecture for training and inference of AI frontier models.
The SEC filing revealed a wider investment portfolio than many had expected.
Nvidia holds nearly $30 billion in Intel, $4.7 billion in CoreWeave, $2.2 billion in Nokia, $2.1 billion in Synopsys, and $329 million in Nebius Group.
Musk also said on the SpaceX earnings call that he expects the company to receive a “significant allocation” of Nvidia’s next-generation Vera Rubin GPUs in 2026.
Nvidia is set to report its own Q2 fiscal 2027 earnings on August 26.
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