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NVIDIA discloses nearly $21B stake in SpaceX, now its No. 2 holding
The stake comes from an earlier investment in xAI that later merged into SpaceX, with the position representing 33.0% of NVIDIA’s 13F portfolio.
NVIDIA’s latest 13F filing shows the company holds a nearly $21 billion position in SpaceX, a disclosure that ties together NVIDIA’s chip business and its public-equity exposure to one of its largest customers, according to MarketBeat Ratings.
SpaceX is NVIDIA’s second-largest public equity holding and accounts for 33.0% of NVIDIA’s 13F portfolio, the outlet said. MarketBeat Ratings also noted that the filing can be misconstrued as a fresh vote of confidence in SpaceX rather than a reclassification of an earlier, private investment.
The stake’s origin traces back to NVIDIA’s approximately $10 billion investment in xAI in January 2026, MarketBeat Ratings reported. It said xAI later merged with SpaceX about a month after NVIDIA’s investment, meaning NVIDIA’s public disclosure largely reflects the change in SpaceX’s corporate status rather than a new bet made after SpaceX went public.
MarketBeat Ratings further highlighted concerns among investors about potential circular financing, pointing to NVIDIA’s sizable investments in companies that also buy its chips. In this framing, the SpaceX position could be seen as connected to NVIDIA’s customer relationships rather than a standalone long-term thesis about the broader space market.