❯ Nvidia Filings Disclose ~$21B Stake in SpaceX, $30B in Intel

HOLDINGSNvidia’s latest 13F filing shows that, as of the end of June, it held 122.8 million SpaceX Class A shares, worth about $21B, making it the firm’s second-largest position; the largest is $30B in Intel shares. The filing also shows that in 2025, Nvidia invested up to $2B in Musk’s xAI and $5B in Intel.

ORIGINThe SpaceX stake was not bought directly: Nvidia originally took the stake to lock in xAI’s chip purchases, and this February SpaceX absorbed xAI via a merger at a $1.25T valuation, converting Nvidia’s holdings into SpaceX stock. Earlier, SpaceX’s listing had given such stakes a public market value for the first time; Alphabet and AMD, which filed their own 13Fs the same day, also showed their respective SpaceX positions.

LOOPThe circular investment pattern—chipmakers taking stakes in key customers, and customers spending that money on chips—is now written directly into the 13F. Nvidia’s balance sheet is tied to the same rope as top AI buyers’ capital expenditures; if any downstream player stalls, it hits both revenue and investment income at once—so analysts modeling Nvidia will have to pull up an extra holdings table starting this quarter.

▪ SIGNALThe 13F provides, for the first time, a verifiable ledger of how much of Nvidia’s downstream demand comes from customers it funds.