Nvidia’s 13F reveals a $21B SpaceX stake from a $10B xAI investment. Musk confirms exclusive Vera Rubin chip use. The circular vendor-financing model is now Nvidia’s second-largest equity bet.
Nvidia’s quarterly 13F filing yesterday disclosed a position in SpaceX worth $21 billion at the end of June. The stake, which did not exist a year earlier, made SpaceX Nvidia’s second-largest publicly known equity holding after Intel.
The position traces to January, when Nvidia put $10 billion into xAI’s $20 billion Series E round. A month later, SpaceX acquired xAI in an all-stock deal valued at $1.25 trillion, converting every xAI share into SpaceX Class A stock. Nvidia ended up with roughly 122.8 million shares. When SpaceX completed its IPO in June, those shares carried a public price of $170.86 at the June 30 close, valuing the stake at $21 billion.
Musk confirmed on SpaceX’s first earnings call as a public company that the firm will build its AI data centers exclusively on Nvidia’s Vera Rubin architecture, calling it the “best architecture” for training and inference. A “significant allocation” of Vera Rubin GPUs is expected next year. The arrangement is circular: Nvidia funds the customer, the customer commits to Nvidia chips, and Nvidia’s equity rises if the customer succeeds – partly because Nvidia’s own hardware helped it succeed.
Together, Intel and SpaceX accounted for nearly 80% of Nvidia’s disclosed stock portfolio at quarter-end. Intel’s stake was worth roughly $30 billion at the same point, though it narrowed to about $22 billion after Intel’s secondary offering. SpaceX shares closed at $140 on Friday, trimming Nvidia’s position to roughly $17.2 billion from the June 30 mark.
Nvidia is not running a diversified fund. It is using its balance sheet to lock in chip buyers. Microsoft backs OpenAI. Amazon backs Anthropic. Nvidia backs SpaceX and Intel. The difference is that Nvidia also sells them the hardware.
For Nvidia shareholders, the SpaceX stake is a bonus tied to the chip business, not the reason to own the stock. The numbers move fast – a $17 billion swing in eight weeks – but the core logic is straightforward: Nvidia finances the customer, the customer buys Nvidia silicon, and the equity stake tracks the customer’s success.
The next concrete marker is the Vera Rubin allocation. SpaceX said it expects deliveries next year. Until then, the stake will ride the volatility of a stock two months past its IPO.
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