Nvidia's latest SEC filing reveals it now holds a massive equity stake in SpaceX, blurring the line between supplier and shareholder. The move exposes Nvidia investors to new risks as SpaceX's stock remains volatile after its public debut
For years, Nvidia's role in the artificial intelligence boom seemed straightforward: it sold high-performance chips to tech giants and hyperscalers, collecting revenue as demand for AI infrastructure soared. But a recent Securities and Exchange Commission (SEC) filing shows Nvidia's relationship with its customers is becoming far more complex-and potentially riskier for shareholders.
On August 14, Nvidia disclosed it owns 122.8 million Class A shares of SpaceX, valued at roughly $21 billion at the end of the second quarter, according to CNBC. That makes SpaceX Nvidia's second-largest equity holding after Intel. The stake was acquired not through open-market purchases, but as a result of Nvidia's $10 billion investment in xAI, which SpaceX acquired in an all-stock deal earlier this year. When SpaceX bought xAI, Nvidia's shares in the AI startup were converted into SpaceX stock, effectively turning a chipmaker's bet on AI software into a major position in a rocket company.
SpaceX's stock price has been volatile since its Nasdaq debut in June. Shares closed at $140 on August 14, down from $170.86 at the end of June, reducing the value of Nvidia's stake to about $17.2 billion. While Nvidia's own shares have climbed nearly 20% in 2026, SpaceX has lost close to 7% since going public. The two companies' stock trajectories have diverged, even as their business ties deepen.
How Nvidia Became a Major SpaceX Shareholder
Nvidia's path to becoming one of SpaceX's largest outside investors is unusual. The company never bought SpaceX shares directly. Instead, its $10 billion investment in xAI in January 2026 was part of a $20 billion funding round for the AI startup. In February, SpaceX acquired xAI in a $1.25 trillion all-stock transaction, converting all xAI shares into SpaceX equity. As a result, Nvidia's stake in xAI became a significant holding in SpaceX, according to Bloomberg. This means Nvidia's exposure to SpaceX is a byproduct of its AI ambitions, not a deliberate bet on the space sector.
Nvidia's other major disclosed holding is Intel. In September 2025, Nvidia announced a $5 billion strategic investment in Intel, acquiring 214.7 million shares at $23.28 each. By June 30, that stake was worth $30 billion, but it fell to $22 billion by August 14 after Intel's $20 billion secondary offering pressured the stock. Despite the decline, Nvidia's Intel investment remains one of the largest in its portfolio.
According to FactSet, Nvidia now ranks as the sixth-largest SpaceX investor. Elon Musk remains the top shareholder, with a stake valued at about $850 billion, while Alphabet holds the second spot at approximately $78 billion. Nvidia's presence among these giants signals a new era of cross-ownership between technology suppliers and their customers.
Layered Risks for Nvidia Shareholders
Nvidia's dual role as both supplier and major shareholder in SpaceX creates a layered set of risks and rewards. The company profits from selling AI chips to SpaceX, but it also stands to gain-or lose-based on SpaceX's stock performance. If SpaceX's AI buildout accelerates, Nvidia could benefit from both increased chip sales and equity appreciation. But if demand for AI infrastructure slows or SpaceX's stock declines, Nvidia could face simultaneous hits to both revenue and investment value.
SpaceX has committed to building its AI data centers exclusively with Nvidia chips, including a significant allocation of Vera Rubin processors expected next year. This makes SpaceX one of Nvidia's most important customers at the same time Nvidia is a major outside investor. Such circular relationships are becoming more common in the tech sector: Microsoft backs OpenAI, Amazon supports Anthropic, and now Nvidia is deeply embedded in SpaceX's AI ambitions. The Bank for International Settlements has flagged these arrangements as potential systemic risks, since they can amplify volatility and create feedback loops between companies and their investors.
Together, Nvidia's disclosed stakes in SpaceX and Intel total about $39 billion, representing more than 80% of its reported equity portfolio. This concentration heightens exposure to swings in just a few companies, making Nvidia's own stock more sensitive to developments at its partners and customers.
Market Volatility and Unlocking Shares
The value of Nvidia's SpaceX stake will continue to fluctuate with SpaceX's stock price, which has been unsettled since its IPO. Additional shares are set to unlock in staggered tranches, with as many as 319 million shares potentially eligible for sale starting August 20. This could add further volatility as early investors and employees gain the ability to sell their holdings.
For Nvidia shareholders, the key question is whether SpaceX will follow through on its plans to buy large volumes of Nvidia's Vera Rubin chips. If SpaceX's AI expansion drives substantial hardware orders, Nvidia's original $10 billion xAI investment could prove highly lucrative. But if SpaceX's AI ambitions stall or the company's stock continues to slide, Nvidia could face losses on both its equity and hardware sales fronts.
The intertwining of supplier and customer interests is not unique to Nvidia and SpaceX. As recent regulatory scrutiny of pre-IPO investments in SpaceX has shown, complex ownership structures can introduce new risks for both companies and investors. Nvidia's latest filing puts in writing what many in the market had suspected: the company is no longer just selling the tools for the AI revolution-it is now deeply invested in the fortunes of those building it.
According to Nvidia's most recent SEC 13F filing, the company's combined equity holdings in SpaceX and Intel accounted for over $39 billion as of August 14, 2026. SpaceX's market capitalization at the time of its June IPO was approximately $1.2 trillion, while Nvidia's own market cap stood near $2.7 trillion. These figures underscore the scale of cross-ownership now shaping the technology and aerospace sectors.
Cross-ownership between suppliers and customers can create both strategic advantages and hidden vulnerabilities. When a company like Nvidia holds large stakes in its own customers, it may gain influence and insight into their operations, but it also becomes more exposed to their financial health and market swings. Investors should consider not just the potential for higher returns, but also the risk that setbacks at one company could ripple through the portfolios of others. As these relationships deepen, understanding the mechanics and risks of such investments becomes increasingly important for anyone with exposure to the sector.
