Nvidia has revealed a $21 billion stake in Elon Musk’s SpaceX, according to a regulatory filing that exposes the depth of the chipmaker’s ties to one of the world’s most valuable companies.
In a 13F filing with the U.S. Securities and Exchange Commission, Nvidia disclosed ownership of 122.8 million Class A shares of SpaceX. At the company’s June 30 closing price of $170.86, the position was valued at approximately $21 billion, making it Nvidia’s second-largest investment behind a roughly $22 billion holding in Intel Corp.
How Nvidia Acquired the Stake
The SpaceX shares came to Nvidia as part of a broader arrangement with Elon Musk, not through an open-market purchase. According to Bloomberg, the stake was transferred as part of Nvidia’s investment in xAI, Musk’s artificial intelligence startup. SpaceX itself was named Nvidia’s exclusive AI compute provider for data centers, deepening the commercial relationship between the two companies.
Nvidia CEO Jensen Huang has been building an extensive web of strategic investments tied to AI infrastructure. Beyond SpaceX and Intel, the company recently committed $1.5 billion to SoftBank’s SB Energy to secure a role in OpenAI’s massive Ohio data center campus. The SpaceX stake, however, represents the most high-profile addition to that portfolio.
Post-IPO Volatility
SpaceX made its public market debut on the Nasdaq in June 2026, one of the most anticipated IPOs in recent years. The stock initially traded above $170 but has since declined, falling to around $140 by mid-August. That drop has reduced the paper value of Nvidia’s stake from $21 billion to roughly $17.2 billion, though the position remains enormous by any measure.
The decline reflects broader market caution around SpaceX’s valuation and a staggered share lockup schedule. According to The Street, a window opened on August 20 with as many as 319 million shares potentially eligible for sale, which could add further pressure on the stock price.
A Strategic AI Alliance
The investment cements a deepening alliance between Nvidia and Musk’s business empire. On SpaceX’s second-quarter earnings call, the company confirmed it would build its AI data centers exclusively on Nvidia chips. Meanwhile, Nvidia’s backing of xAI has given it indirect exposure to Musk’s broader vision of integrating AI capabilities across space, automotive, and social media platforms.
SpaceX’s core satellite internet business, Starlink, has been expanding rapidly and now serves customers in dozens of countries. The company’s launch cadence and satellite deployment capabilities make it a critical partner for any organization looking to deploy AI systems at global scale.
The Bigger Picture
Nvidia’s investment strategy signals a shift from pure chip sales toward becoming a financial backbone of the AI economy. With $21 billion in SpaceX, $22 billion in Intel, and billions more committed to data center partnerships, Nvidia is tying its future to the infrastructure buildout it helped ignite. For investors, the question is whether these stakes will appreciate alongside Nvidia’s core business or expose the company to cross-market risks that traditionally fall outside a chipmaker’s mandate.
Sources: Bloomberg; CNBC; Ars Technica; GuruFocus; The Street
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