Nvidia disclosed in a filing with the U.S. Securities and Exchange Commission (SEC) that it held nearly 123 million shares of SpaceX as of the end of June. The stake was valued at roughly $21 billion at that time. Since SpaceX shares have fallen after their June public listing, the market value of Nvidia’s holding has dropped to about $17 billion.
Link to the xAI investment
The disclosed position is tied to Nvidia’s January investment in Elon Musk’s xAI lab — made shortly before Musk merged xAI into SpaceX. The filing underscores that Nvidia realized a substantial return from that early AI investment.
Exclusive relationship between SpaceX and Nvidia
At SpaceX’s first public earnings presentation last week, Elon Musk said the company has established an exclusive relationship with Nvidia for outfitting its data centers. Musk stated that Nvidia’s Vera Rubin architecture is the best for AI computing and emphasized the close collaboration and partnership between SpaceX and Nvidia.
Nvidia’s financing activities and investments
Over the past two years Nvidia has committed more than $100 billion to finance AI companies. The company has invested significant sums in cloud-provider startups such as CoreWeave and in AI labs including Thinking Machines and Safe Superintelligence. Nvidia also invested in Cursor, a coding-assistance startup that SpaceX reportedly acquired this week for $60 billion.
This week Nvidia additionally announced plans, together with an investor consortium, to assemble over $500 billion in financing to support its customers. Members of the consortium include Apollo Global, Blackstone, BlackRock, Brookfield Asset Management, Goldman Sachs and KKR. Nvidia said it would provide partial guarantees for loans extended by Wall Street investors that are secured by the value of Nvidia’s chips.
Industry impact
Nvidia’s extensive financing has helped accelerate the build-out of AI infrastructure, while also binding some companies more tightly to Nvidia’s technology and ecosystem.
SpaceX compute expansion and early investors
Elon Musk told investors last week that SpaceX intends to increase its compute capacity from an expected roughly 2 gigawatts by year-end to a level by the end of 2027 that is "closer to 10 GW than 5 GW."
SpaceX’s public listing delivered large gains for early investors. FactSet data show that Google holds approximately a 7 percent stake in SpaceX after originally investing $900 million in 2015; in July Google informed investors that the stake’s value is about $94 billion.
Conclusion
Nvidia’s SEC filing reveals a large SpaceX position—nearly 123 million shares—worth about $21 billion at the end of June, linked to its January investment in xAI. The disclosure illustrates Nvidia’s broader strategy of deploying substantial financing and partnerships to accelerate AI infrastructure while creating close commercial ties with major industry players such as SpaceX.
