Nvidia disclosed in a securities filing that it held nearly $21 billion worth of SpaceX stock as of June 30, making Elon Musk's rocket and satellite company the chipmaker's second-largest disclosed equity holding.
According to the filing, Nvidia owns 122.8 million Class A shares of SpaceX. The stake traces back to a 2025 investment of up to $2 billion that Nvidia made in xAI, structured through a special-purpose vehicle set up to buy Nvidia processors for the AI startup's computing buildout. SpaceX absorbed xAI in a deal earlier this year, folding Nvidia's position into the rocket company ahead of SpaceX's public market debut in June.
The same filing showed Nvidia's stake in Intel had grown to $30 billion, up from $9.5 billion just three months earlier, built on 214.8 million shares tied to a $5 billion investment the two companies announced last year to co-develop chips for PCs and data centers.
Deepening ties
The disclosure formalizes a relationship that has grown increasingly intertwined. On SpaceX's most recent earnings call, Musk said the company will use Nvidia chips exclusively across its AI data centers, saying Nvidia's graphics processors have the "best architecture" for training and running AI models, as CNBC reported.
The stake sizes underscore how thoroughly Nvidia has embedded itself across the AI supply chain — not just selling chips, but taking equity positions in the companies that buy them. Beyond SpaceX and Intel, Nvidia also holds stakes in Coherent Corp., Generate Biomedicines, Nebius Group, Nokia and Synopsys, according to Fortune.
Investors have questioned whether Nvidia's web of investments in its own customers inflates demand signals for its chips. For now, the company has offered no indication it plans to change the strategy, and analysts expect the SpaceX and Intel positions — both now among the largest disclosed holdings on Nvidia's balance sheet — to keep fluctuating alongside the two companies' still-developing public and private valuations.
