Nvidia discloses $21B stake in SpaceX at end of second quarter

Nvidia revealed in an SEC filing that it owns 122.8 million Class A shares of SpaceX, valued at approximately $21 billion when the second quarter ended. SpaceX held its public market debut in June, and its stock has since fallen from $170.86 at the end of June to $140 on Friday, reducing Nvidia's stake to roughly $17.2 billion. That still makes it Nvidia's second-largest holding, behind its Intel stake now worth about $22 billion (down from $30 billion at quarter end).

The stake originated from Nvidia's $10 billion investment in Elon Musk's xAI as part of a $20 billion round in January, according to a source familiar with the matter. SpaceX acquired xAI in February in a deal valued at $1.25 trillion. Nvidia's stake represents a massive return on its less-than-a-year-old $5 billion investment, and Nvidia is now the sixth-largest SpaceX investor, according to FactSet. Musk remains by far the largest owner with a stake worth about $850 billion, followed by Alphabet at roughly $78 billion.

On SpaceX's second-quarter earnings call earlier this month, Musk said the company will exclusively use Nvidia chips in its AI data centers, citing the "best architecture" for training and inference of AI models. He also said he expects SpaceX to receive a "significant allocation" of Nvidia's Vera Rubin GPUs next year, deepening the financial and technological ties between the two companies.