Nvidia disclosed in an SEC filing that it holds 122.8 million Class A shares of SpaceX, valued at approximately $21 billion at the end of the second quarter of 2026. This is Nvidia’s second-largest holding, behind its stake in Intel (around $22 billion).
The origin of this equity stake is a sequence of related transactions: Nvidia invested $10 billion in xAI in January (as part of a $20 billion funding round), and SpaceX subsequently acquired xAI in February in a deal valued at $1.25 trillion. The shares Nvidia received from xAI were accordingly converted into SpaceX equity.
The relationship extends beyond investments: Musk announced that SpaceX will exclusively use Nvidia chips in its AI data centers, stating that Nvidia’s GPUs feature the “best architecture” for training and inference.
What stands out is the feedback loop Nvidia is building: the company acts simultaneously as a chip supplier and a shareholder in the very companies that consume the most chips. While this helps lock in demand, it also raises questions about concentration risk—as both equity valuations and chip sales rely on the same cohort of customers.
It is worth noting that this valuation fluctuates with the share price: SpaceX closed at $140 on Friday, down from $170.86 at the end of June, meaning the actual value of Nvidia’s stake has fallen to around $17.2 billion. The $21 billion figure represents the valuation at the close of the quarter.