AMD's latest SEC filing reveals major equity positions in SpaceX and Nutanix, spotlighting how the chipmaker is deploying capital as it borrows billions for AI expansion and navigates shifting industry alliances
Most investors focus on what Advanced Micro Devices (AMD) designs and sells, but the company's latest quarterly filing with the Securities and Exchange Commission (SEC) is drawing attention to what it owns. In a move that surprised many on Wall Street, AMD disclosed significant equity stakes in two very different companies: Elon Musk's SpaceX and enterprise software provider Nutanix.
The disclosure comes as AMD is raising billions in new debt to fund its artificial intelligence (AI) ambitions. The timing has prompted investors to scrutinize how the chipmaker is allocating capital and what these investments signal about its broader strategy.
Inside AMD's SpaceX and Nutanix Holdings
According to AMD's Form 13F filed with the SEC on August 14, the company held approximately 3.3 million Class A shares of SpaceX and about 4.1 million shares of Nutanix as of June 30. The SpaceX position was valued at over $565 million, while the Nutanix stake was reported at roughly $210 million. These figures reflect the end-of-quarter market values and may fluctuate with share prices.
AMD's filing also listed smaller positions in companies such as Cerebras, an AI chipmaker, and Xanadu, a quantum computing firm. This pattern suggests AMD is spreading its bets across multiple segments of the AI supply chain, not just focusing on its own hardware.
For context, AMD's $565 million SpaceX stake stands out among institutional investors, joining the likes of Alphabet as a major shareholder. The company's Nutanix investment, meanwhile, is tied to a direct partnership aimed at building enterprise AI platforms.
SpaceX: From Strategic Partner to Financial Bet
AMD's investment in SpaceX became public after the rocket company's June 12 IPO, which priced shares at $135 each. While the timing of AMD's purchase isn't specified, the stake became visible once SpaceX began trading. The relationship between the two companies shifted dramatically in early August, when SpaceX announced during its first earnings call as a public company that it would build its AI infrastructure exclusively on Nvidia chips, citing their technical superiority.
This decision had immediate market consequences: AMD shares fell as much as 10% that day, despite the company reporting record quarterly results. For AMD, the SpaceX stake is now a pure financial investment, with no direct hardware sales attached. Its value will rise or fall with SpaceX's stock price, rather than serving as a bridge to future chip deals.
Nutanix: A Partnership With Strategic Depth
The Nutanix position is more than a financial holding. In February, AMD and Nutanix announced a multi-year partnership to develop an open platform for "agentic" AI-software capable of executing complex, multi-step tasks autonomously. AMD committed $150 million to Nutanix stock at $36.26 per share and agreed to invest up to $100 million more in joint engineering and marketing, bringing the total potential outlay to $250 million.
Since the deal, Nutanix shares have traded above AMD's purchase price, increasing the value of the stake. More importantly, Nutanix's software will run on AMD chips, giving the chipmaker a direct channel into enterprise data centers. For AMD shareholders, this partnership could translate into steady demand for its hardware, rather than just a line item on the balance sheet.
Nutanix reported a 10% year-over-year revenue increase to $722.8 million around the time of the partnership, exceeding its own guidance. The additional funding from AMD is expected to help Nutanix accelerate product development and reach new customers.
Implications for Shareholders
For SpaceX investors, AMD's large stake adds another stable institutional holder to the shareholder base, potentially reducing volatility as the company adjusts to life as a public company. The fact that SpaceX chose Nvidia over AMD for its AI buildout also signals that management is prioritizing technical merit over investor relationships.
Nutanix shareholders may benefit the most from AMD's involvement. The investment serves as a public endorsement from a major hardware player, which can help Nutanix win enterprise clients and fund new initiatives. The partnership structure means Nutanix gains not just capital, but also engineering and marketing support that could drive future growth.
For AMD, these moves come as the company raised $4.75 billion in its largest-ever bond sale on August 13, according to Bloomberg. The combination of heavy borrowing and large outside equity stakes is unusual for a chipmaker, and some investors may question the risk profile. On the other hand, both the SpaceX and Nutanix positions are liquid assets that have appreciated since acquisition, giving AMD flexibility if it needs to raise cash quickly.
These developments echo broader concerns about access to pre-IPO shares and the risks institutional investors face when betting on high-profile private companies. As explored in this analysis of SEC action against pre-IPO fund practices, the dynamics of institutional ownership can have far-reaching effects on both company governance and retail investor access.
What to Watch Next
Looking ahead, investors will be watching AMD's next quarterly filing to see whether it increases, holds, or reduces its SpaceX position-especially now that the hardware relationship has cooled. For SpaceX, the key question is whether its exclusive Nvidia strategy remains in place or if AMD chips find a role in future projects. Nutanix's results will reveal whether the partnership delivers the enterprise wins both companies are targeting.
Ultimately, AMD's willingness to maintain a large stake in SpaceX even after losing out on a major chip deal highlights a pragmatic approach to capital allocation. The company appears comfortable separating financial investments from strategic partnerships, a stance that may become more common as technology and capital markets continue to intersect.
According to AMD's most recent SEC filing, the company's $565 million SpaceX stake and $210 million Nutanix position represent a significant portion of its disclosed equity investments as of June 30, 2026. The $4.75 billion bond sale completed on August 13 marks AMD's largest debt issuance to date, underscoring the scale of its current expansion efforts.
Institutional investments in public and private companies can serve multiple purposes, from strategic partnerships to pure financial bets. For companies like AMD, holding liquid equity stakes in other firms provides optionality-these assets can be sold to raise cash or held for potential appreciation. Yet such positions also introduce new risks, especially when the underlying business relationship changes or when market volatility affects share prices. Investors should consider both the strategic and financial dimensions of these holdings when evaluating a company's overall risk profile.
