Nvidia quietly dropped a bombshell in its latest Securities and Exchange Commission filing: the chipmaker holds roughly 122.8 million shares of SpaceX Class A stock, valued at approximately $21 billion as of June 30, 2026. The disclosure landed just weeks after SpaceX completed its long-anticipated IPO on the Nasdaq, selling 555.6 million Class A shares at $135 apiece and raising roughly $75 billion. That offering valued SpaceX at approximately $1.77 trillion, cementing one of the largest public debuts in history.
What makes this position so significant is not just the number — though $21 billion places Nvidia as the sixth-largest shareholder of SpaceX, behind Elon Musk, Alphabet and a handful of sovereign wealth funds — but the unexpected origin of that stake. Nvidia did not buy SpaceX shares on the open market. The position traces back to January, when Nvidia put $10 billion into xAI's Series E financing round, the artificial intelligence startup founded by Musk. That investment included both equity and debt through a special purpose vehicle designed to acquire the massive processors xAI needed for its compute projects.
Everything changed in February when SpaceX acquired xAI in an all-stock deal valued at $1.25 trillion, folding the AI startup into Musk's rocket and satellite business. Every xAI share converted into SpaceX Class A stock, and Nvidia's position came along for the ride — landing at approximately 122.8 million shares. When SpaceX completed its IPO in June, those shares suddenly had a public price tag. At the June 30 close of $170.86, the stake was worth $21 billion. Ironically, a chip investment became a rocket investment almost by accident.
The relationship between the companies goes far beyond a single financial transaction. SpaceX has been aggressively building AI infrastructure, operating massive GPU clusters that run almost entirely on Nvidia hardware. That relationship became even more pronounced after SpaceX's acquisition of xAI, which brought additional compute capacity under the SpaceX umbrella. During an earnings call shortly after the IPO, Musk stated that SpaceX would build its AI services exclusively on Nvidia systems, citing the Vera Rubin architecture as having "the best architecture" for training and inference, with a "significant allocation" of Vera Rubin GPUs expected next year.
What fewer analysts have highlighted is the sheer scale of those contracts. SpaceX has signed compute-leasing arrangements with major AI laboratories that rely on its Nvidia-powered clusters. One deal with Anthropic is valued at $1.25 billion per month. Another reported arrangement with Google involves 110,000 GPUs at a rate of $920 million monthly. That represents enormous recurring revenue tied directly to SpaceX infrastructure — and indirectly, to Nvidia.
The circular investment deserves scrutiny. Nvidia funds the customer, the customer commits to buying Nvidia chips, and Nvidia's equity stake rises in value if the customer succeeds. But Nvidia is not the only major shareholder — Alphabet holds a larger SpaceX position, reportedly around $70 billion today. The difference is that Nvidia is the only one of SpaceX's major investors also selling it the chips. It is a hybrid position: investor and supplier simultaneously.
Nvidia did not stop there. The same SEC filing disclosed a stake in Intel valued at approximately $30 billion — a monumental jump from roughly $9.5 billion just three months earlier. The Intel investment dates back to 2025, when Nvidia agreed to invest $5 billion in the chipmaker and announced it would co-develop chips for personal computers and data centers. Combined, the SpaceX and Intel positions represent over $50 billion in equity investments, nearly 80% of Nvidia's publicly disclosed stock portfolio — a level of concentration most fund managers would never tolerate.
Volatility is already proving unforgiving. SpaceX shares closed at $140 on the Friday following the report — down from that June 30 mark of $170.86 — trimming the position to roughly $17.2 billion. In eight weeks, the value swung more than $4 billion. But for long-term holders, this stake functions as a lottery ticket riding alongside the core chip business. It is not the reason to own Nvidia stock, but an unexpected bonus from a strategy that connected two Silicon Valley giants in ways few predicted.
Sources: CryptoBriefing, Fortune, 24/7 Wall St.
✓ Independent sources cross-checked and verified before publishing
