Nvidia disclosed owning 122.8 million Class A shares of SpaceX in a 13F filing with the Securities and Exchange Commission on August 14, according to CNBC. At SpaceX's June 30 closing price of $170.86 per share, the position was valued at approximately $21 billion, making it Nvidia's second-largest disclosed equity holding behind its Intel stake. By August 14, when SpaceX shares closed at $140, the stake had declined in value to roughly $17.2 billion.
Market Context
The disclosure arrives as both companies are moving in opposite directions as public equities. Nvidia has gained nearly 20% year-to-date in 2026, driven by continued demand for its AI accelerators and data center products. SpaceX, which debuted on the Nasdaq in June, has lost close to 7% since its initial public offering amid volatility typical of newly traded companies with large insider lockup periods. The divergence highlights how the business relationship between the two companies—Nvidia supplies chips to SpaceX's operations—hasn't necessarily translated into synchronized stock performance.
Analysis
What makes the Nvidia-SpaceX connection unusual is how the chipmaker acquired its stake without ever placing a direct market order for SpaceX shares. In January 2026, Nvidia invested $10 billion in xAI as part of a larger $20 billion funding round for Elon Musk's artificial intelligence venture. Then in February 2026, SpaceX acquired xAI in an all-stock transaction valued at approximately $1.25 trillion. Under the deal terms, each xAI share converted into one SpaceX Class A share, bringing Nvidia's stake along for the ride without additional capital deployment.
This roundabout path to a $17 billion-plus equity position raises questions about how Nvidia views its role as both supplier and shareholder to the same company. The stake dwarfs Nvidia's other disclosed equity investments and places it sixth among SpaceX's largest investors, according to FactSet data. Elon Musk remains the top holder with a stake worth roughly $850 billion, while Alphabet sits second at approximately $78 billion.
Nvidia's larger equity position is its Intel investment, which followed a different playbook entirely. The company announced a $5 billion strategic investment in Intel in September 2025, closing the transaction on December 26, 2025 after FTC regulatory clearance. Nvidia purchased 214.7 million Intel shares at $23.28 per share. That stake was worth approximately $30 billion by June 30 but has since fallen to around $22 billion following Intel's $20 billion secondary offering completed on August 12.
Key Numbers
- 122.8 million Class A SpaceX shares disclosed in Nvidia's August 14 13F filing
- $21 billion: Position value at SpaceX's June 30 closing price of $170.86
- $17.2 billion: Estimated current stake value based on SpaceX's August 14 close of $140
- Sixth-largest investor in SpaceX, per FactSet data
- Nearly 20% year-to-date gain for Nvidia in 2026
- Close to 7% loss for SpaceX since June IPO through mid-August
- $10 billion: Amount Nvidia invested in xAI in January 2026
- $5 billion: Nvidia's Intel strategic investment announced September 2025, closed December 26, 2025
What to Watch
Investors should monitor whether Nvidia signals any intent to hold or reduce its SpaceX position as lockup periods expire and more shares become tradeable. The relationship between Nvidia's chip supply agreements with SpaceX and its equity stake warrants attention—particularly if the company faces questions about potential conflicts of interest or preferential treatment. Nvidia's next quarterly earnings call may provide management an opportunity to frame the strategic rationale for holding such a large position in a customer. For SpaceX, continued public market performance will determine whether Nvidia's paper gains become realized ones.
The FTC's role in reviewing these cross-investments between major technology companies also bears watching. Nvidia's Intel deal required clearance before closing, and any regulatory scrutiny of the xAI-to-SpaceX conversion pathway could affect how other companies structure similar arrangements.