Nvidia Discloses $21 Billion SpaceX Stake, Then Watches It Drop to $17.2 Billion in Weeks

Nvidia's second-quarter SEC filing dropped a number most companies would kill to report: a $21 billion stake in Elon Musk's SpaceX. Except that number is already stale.

The filing shows Nvidia holds 122.8 million Class A shares of SpaceX, valued at roughly $21 billion as of June 30, 2026, according to the SEC disclosure reported by CNBC, Yahoo Finance and TradingView. But SpaceX stock closed at $140 on Friday, August 14, down from $170.86 at the end of June. Do the math and Nvidia's actual position is now worth about $17.2 billion, per CNBC's reporting. That's a $3.8 billion paper loss in six weeks, and nobody's SEC filing has to disclose that part until next quarter.

Here's how Nvidia ended up holding rocket-company stock in the first place. Back in January, Nvidia put $10 billion into a $20 billion funding round for xAI, Musk's AI venture, according to a source familiar with the deal cited by CNBC. Then in February, SpaceX bought xAI outright in a deal valued at $1.25 trillion. That merger converted Nvidia's xAI stake into SpaceX shares. Nvidia didn't buy into SpaceX directly; it inherited the position when Musk folded his companies together.

SpaceX went public on the Nasdaq in June 2026, selling 555.6 million Class A shares at $135 each and raising about $75 billion, according to Crypto Briefing. That priced the company at roughly $1.77 trillion, one of the largest debuts in market history. Since then the stock has pulled back from its post-IPO highs — closing at $140 on Friday, roughly 18% below the $170.86 level it traded at when Nvidia's stake was last valued at quarter-end, though still modestly above its $135 IPO price, per TradingView.

Musk's all-in bet on Nvidia chips

The stock swings aside, the more important story here is dependency. On SpaceX's first earnings call as a public company earlier this month, Musk told investors the company will build its AI data centers exclusively on Nvidia hardware.

"We've decided to build exclusively on Nvidia because we think its Vera Rubin architecture is the best architecture," Musk said, according to Yahoo Finance and Cryptopolitan. "We think it's the best AI computer and we greatly value our close co-operation and partnership on many levels with Nvidia."

Musk also said SpaceX expects a "significant allocation" of Nvidia's next-generation Vera Rubin GPUs in 2027. SpaceX has reportedly locked in compute-leasing contracts riding on that Nvidia hardware, including one with Anthropic valued at $1.25 billion a month and another with Google covering 110,000 GPUs at $920 million a month, according to Crypto Briefing.

That's an enormous amount of revenue betting on one chip supplier staying ahead of the pack. If Nvidia stumbles, or a competitor like AMD or a custom-silicon play from Google or Amazon closes the gap, SpaceX's entire AI compute strategy is exposed. Musk is essentially betting the house that Nvidia's technical lead holds for years.

Nvidia's bigger bet: Intel

SpaceX isn't even Nvidia's largest side investment. That title belongs to Intel, where Nvidia's stake was worth about $30 billion at the end of the quarter and has since fallen to roughly $22 billion, according to CNBC. Combined, the SpaceX and Intel positions topped $50 billion at quarter-end, according to Crypto Briefing, though both have shrunk since.