Nvidia told the SEC after Friday's close that it holds 122.76 million Class A shares of SpaceX, a position it marked at roughly $21.0 billion on June 30. The number was stale before anyone read it. SPCX finished Friday at $141.29, about 17% under its quarter-end price, which puts the same block of shares nearer $17.3 billion right now.
The filing settled a second question too. Nvidia's largest disclosed equity holding is Intel, worth about $30 billion at quarter-end, and SpaceX is now number two. A company that sells the picks and shovels of the AI build-out is carrying roughly $51 billion of stock in two firms it also does business with.
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Friday was the deadline for second-quarter 13F reports, and SpaceX's June IPO meant a long list of private-round investors had to show their hands in public for the first time. Three of them matter:
- Nvidia: 122.76 million shares, marked at $21.0 billion. Cost basis is the $10 billion it put into xAI in January, as part of a $20 billion round.
- Alphabet: 551,189,500 shares, marked at $94.1 billion. That one line is roughly 95% of Alphabet's entire disclosed 13F portfolio, and it traces back to the $900 million Google wrote into SpaceX in 2015.
- AMD: about 3.3 million shares, marked just over $565 million. Small, but it means all three of the big western chip designers are on the register.
- The three together: 677 million shares, $115.7 billion on June 30, roughly $95.7 billion at Friday's close. Six weeks, about $20 billion of paper value.
Why does a chip company own $51 billion of other people's stock?
Neither position started as an investment decision in the way a fund manager would mean it. Both were strategic cheques that happened to appreciate violently.
The Intel stake came out of the September 2025 rescue: $5 billion of common stock, 217.4 million shares at $23.28, cleared by the FTC and structured around a data-centre and client-silicon partnership. Intel's recovery has been the single best trade on Nvidia's books. Five billion in, about thirty billion at quarter-end, roughly six times the money in under a year.
The SpaceX position arrived sideways. Nvidia put $10 billion into xAI in January as part of a $20 billion round. SpaceX absorbed xAI in February in a deal valued around $1.25 trillion, so the xAI stake converted into private SpaceX equity. Then SpaceX listed on Nasdaq on June 12 at $135 a share and closed its first day at $161, and a private-round position became a reportable public security. Nvidia never bought a share of SpaceX on the open market. It bought an AI lab, and the AI lab got bought.
- Sept 2025Nvidia buys $5B of Intel common stock 217.4M shares at $23.28
- Jan 2026Nvidia leads $10B of a $20B xAI round private, pre-merger
- Feb 2026SpaceX absorbs xAI deal valued near $1.25T; Nvidia's stake converts
- Jun 12 2026SPCX lists on Nasdaq at $135 closes day one at $161
- Jun 30 2026Quarter-end, the price every 13F uses about $171 a share
- Aug 7 2026SpaceX commits to Nvidia silicon for its AI data centres frontier-model training included
- Aug 14 202613F deadline; the stakes go public SPCX closes at $141.29
- Q3 2027Alphabet's remaining sale restrictions lapse the supply question nobody is pricing yet
What does a 13F actually prove here?
Less than the headlines suggest. A 13F is a quarter-end snapshot filed up to 45 days later, and it says nothing about whether the holder can sell. Alphabet's filing is explicit on that point: about $80 billion of its position sits under short-term sale restrictions, and the remainder is restricted into the third quarter of 2027. So the largest single holder of newly public SpaceX stock is, for practical purposes, frozen.
That cuts both ways. It means the float is thinner than the market caps imply, which helps explain why SPCX has swung from $104.83 to $225.64 inside a year on a roughly $1.9 trillion company. It also means the eventual unlock is a known, dated supply event rather than a surprise.
| Nvidia | Alphabet | AMD | |
|---|---|---|---|
| Shares held | 122,760,000 | 551,189,500 | ~3,300,000 |
| Value as filed (Jun 30) | $21.0B | $94.1B | $565M |
| Value at Aug 14 close | ~$17.3B | ~$77.9B | ~$466M |
| How it got there | $10B into xAI, Jan 2026 | $900M direct, 2015 | Private round, undisclosed |
| Approx. return on cost | ~1.7x | ~87x | not disclosed |
| Rank in holder's 13F book | #2, behind Intel | #1, ~95% of portfolio | minor line item |
Is this the AI capital loop people keep warning about?
It is at least the cleanest diagram of it yet. Nvidia funds an AI lab. The lab merges into a company that then commits, in early August, to running its AI data centres on Nvidia silicon. Nvidia books the chip revenue and, separately, marks up the equity it received for funding the buyer in the first place. Every leg of that is legal and disclosed. The problem is analytical: when a supplier is also a shareholder in its customer, demand and investment stop being independent signals.
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What it means for the market
The read for anyone holding NVDA is narrower than the dollar figures imply, but it is not nothing. US accounting rules push fair-value changes on marketable equity securities through net income rather than parking them in other comprehensive income. That means a roughly $3.7 billion drawdown on the SpaceX line, plus whatever Intel does, lands inside Nvidia's reported earnings for the current quarter. Nvidia's operating business is large enough to absorb it, but the effect is real: quarter-to-quarter EPS now carries a chunk of SPCX and INTC volatility that has nothing to do with selling GPUs. Anyone modelling Nvidia should be separating operating income from these marks rather than reading a single headline number.
For Alphabet the arithmetic is starker in absolute terms, about $16 billion of swing, and equally cosmetic in operating terms. The thing worth watching there is not the mark but the calendar: a holder sitting on 551 million shares with restrictions lapsing through Q3 2027 is the largest identifiable supply overhang in the stock. None of this is investment advice. The signal is simply that two of the largest tech balance sheets now move with a rocket company's share price.
- Nvidia's next 10-Q. Watch for the fair-value line on equity securities and whether management breaks out SpaceX from Intel. If they lump them, earnings quality gets harder to read.
- The next 13F round, mid-November. Anyone who trimmed once restrictions allowed will show up there, and September-quarter marks will use a very different SPCX price.
- Whether the exclusivity holds. SpaceX committing to Nvidia silicon is the leg that makes the loop pay. A second supplier appearing would change the story more than any share-price move.
- Q3 2027. Alphabet's remaining restrictions lapse. That is the date a $78 billion position becomes sellable.
Our take
The genuinely new information in Friday's filings is not that Nvidia owns SpaceX shares, which was inferable from the xAI merger. It is the size and the concentration. Nvidia's two largest disclosed holdings are a rocket company and a struggling foundry, they are worth about $51 billion between them, and both are commercial counterparties. That is a strategic portfolio wearing a financial-holdings costume, and it now reprices with the market every ninety days.
The mark-to-market gap is the part worth keeping in your head. Every outlet reporting "$21 billion" and "$94.1 billion" this weekend is quoting a June 30 photograph of a stock that has since fallen 17%. The filings are accurate. The headlines are six weeks behind the tape.
- FilingNvidia Corp 13F filings, SEC EDGAR – the Q2 2026 holdings report filed 14 Aug
- FilingAlphabet Inc 13F filings, SEC EDGAR – 551,189,500 SPCX shares and the sale restrictions
- ReportCNBC: Nvidia discloses $21 billion SpaceX stake – share count and quarter-end valuation
- ReportBloomberg: Nvidia's $21B SpaceX and $30B Intel stakes – ranking of Nvidia's two largest holdings
- MarketSPCX quote, Nasdaq – the $141.29 close used for every current figure above
Original analysis by GenZTech, built from the SEC filings and Friday's close. Reporting on the disclosure via CNBC.