The SEC filing Nvidia dropped on August 14 tells a different version of that story, one where the chip supplier is also one of the largest shareholders in its own customer. The number in the filing is not small. And the way Nvidia ended up with that position is worth understanding before investors decide what to make of it.
Nvidia disclosed owning 122.8 million Class A shares of SpaceX in a 13F filing with the Securities and Exchange Commission on August 14, according to CNBC. At SpaceX's June 30 closing price of $170.86, the position was worth approximately $21 billion. That makes it Nvidia's second-largest disclosed equity holding behind Intel.
Morgan Stanley says SpaceX investors miss the bigger story Peter Schiff says SpaceX is a warning for hyped stocks SpaceX stock defies latest Wall Street forecasts SpaceX shares closed at $140 on August 14, pulling the value of Nvidia's stake down to roughly $17.2 billion. That decline reflects the volatility SpaceX has experienced since its Nasdaq debut in June. Nvidia is up nearly 20% in 2026.
SpaceX has lost close to 7% since entering the public market in June. The two companies are moving in different directions as public equities even as their business relationship keeps deepening. Nvidia never bought a single SpaceX share on the open market.
In January 2026, it put $10 billion into xAI as part of a larger $20 billion funding round. Then in February, SpaceX bought xAI in an all-stock deal worth $1.25 trillion. Every xAI share became a SpaceX share.
Nvidia's stake came along with it, according to Bloomberg. A chip investment became a rocket investment without Nvidia ever placing a market order. The Intel position is different.
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