According to latest reports from GenZTech, Nvidia's $21 billion SpaceX stake is now worth approximately $17.3 billion following a 17% decline in SpaceX shares since quarter-end. The company's Friday filing revealed ownership of 122.8 million Class A shares of SpaceX as of June 30, but the stock's performance has significantly impacted the valuation. SpaceX shares closed at $140 on Friday, down from the $170.86 closing price at quarter-end, creating a substantial mark-to-market impact on Nvidia's position. The holding was obtained through Nvidia's roughly $10 billion investment in Musk's artificial intelligence company xAI, part of a $20 billion funding round completed in January. The disclosure came in a regulatory filing on August 14, showing the value based on SpaceX's share price at the end of June.
According to reports from ET Now, Nvidia revealed on Friday that it held a $21 billion stake in Elon Musk's SpaceX as of the end of the second quarter, making it the company's second-largest equity holding. The position ranks behind only Intel, which was valued at approximately $30 billion at quarter-end and has since declined to roughly $22 billion. In a securities filing, Nvidia reported ownership of 122.8 million Class A shares of SpaceX as of June 30. The holding was obtained through Nvidia's roughly $10 billion investment in Musk's artificial intelligence company xAI, part of a $20 billion funding round completed in January. As reported by GenZTech, Nvidia's two largest disclosed holdings are now worth about $51 billion between them, with both being commercial counterparties. The disclosure therefore reflects the conversion of Nvidia's earlier xAI exposure into a stake in the combined SpaceX business, rather than a fresh $21 billion investment made after SpaceX's listing.
The investment comes as Nvidia and SpaceX deepen their commercial relationship around AI infrastructure. Musk said during SpaceX's second-quarter earnings call earlier this month that the company would exclusively use Nvidia chips in its AI data centres and for training and running its AI models. As reported by FT, Musk explained during SpaceX's first public earnings call last week that the company had an exclusive relationship with Nvidia to equip its data centres. "We've decided to build exclusively on Nvidia because we think [its] Vera Rubin architecture is the best architecture," he said. "We think it's the best AI computer and we greatly value our close co-operation and partnership on many levels with Nvidia." The comments underline the strategic link between Nvidia's investment and its position as a key supplier to Musk's expanding AI and computing operations. The filing provides a clearer picture of the intertwined fortunes of two of technology's most influential companies, with Nvidia standing to benefit both as a supplier and as a significant shareholder as SpaceX scales its satellite constellation, launch cadence, and AI capabilities.
According to Mint, Alphabet's early bet on SpaceX has delivered exceptional returns, with its $900 million investment in 2015 growing more than 100-fold to reach approximately $94 billion as of June 30. Alphabet held 551.2 million SpaceX shares at quarter-end, worth about $94.2 billion at SpaceX's closing price of $170.86. Harvard Management Co. has also revealed a $2.2 billion investment in SpaceX, making it the company's largest individual stock holding among its $4.3 billion in US equities. Musk himself holds the dominant position with a 48.4% stake valued at more than $900 billion at current market prices. The market reaction reflects broader AI infrastructure spending trends, with Goldman Sachs expecting the five major hyperscalers to spend around $800 billion on AI infrastructure in 2026, with total AI capex crossing $1 trillion. Morgan Stanley projects SpaceX's AI investment could reach $110 billion by 2028, doubling annually.
