Nvidia reports $21 billion SpaceX holding linked to its xAI investment

Nvidia reported a 122,764,805-share position in SpaceX valued at about $21 billion as of June 30, representing roughly 0.9% of SpaceX's total common stock and 1.7% of its Class A shares, according to a holdings disclosure reported by CNBC. The stake stems from Nvidia's investment in xAI's $20 billion Series E financing announced in January, with SpaceX acquiring xAI in an all-stock merger completed on February 2 that converted xAI interests into SpaceX shares at a 0.1433-to-1 exchange ratio. The disclosure reflects a quarter-end market value, not Nvidia's purchase price or cash outlay.

Nvidia reports $21 billion SpaceX holding linked to its xAI investment - Nvidia reported 122,764,805 SpaceX Class A shares worth about $21 billion as of June 30, according to the holdings disclosure reported by CNBC. 1 https://www.cnbc.com/2026/08/14/nvidia-discloses-21-billion-stake-in-spacex-at-end-of-second-quarter.html - xAI announced a $20 billion Series E financing in January and identified Nvidia as a strategic investor, but did not disclose Nvidia’s individual contribution. 2 https://x.ai/news/series-e?stream=top - The SpaceX-xAI merger agreement set a 0.1433-to-1 exchange ratio for qualifying xAI low-vote shares, creating a clear route for xAI investors to receive SpaceX stock. 3 https://www.sec.gov/Archives/edgar/data/1181412/000162828026036936/exhibit21-sx1.htm - Based on SpaceX’s post-IPO share counts, Nvidia’s reported position equals roughly 0.9% of the company’s common stock and about 1.7% of its Class A shares, before any further dilution. 4 https://www.sec.gov/Archives/edgar/data/1181412/000162828026040874/spacexukfwp.htm Nvidia reported a 122.8 million-share position in SpaceX worth about $21 billion at June 30, giving the chipmaker a substantial economic interest in Elon Musk’s combined space, satellite and artificial-intelligence company. 1 https://www.cnbc.com/2026/08/14/nvidia-discloses-21-billion-stake-in-spacex-at-end-of-second-quarter.html The disclosure does not show that Nvidia newly spent $21 billion on SpaceX stock. Nvidia was an investor in xAI’s January financing, and SpaceX acquired xAI in an all-stock merger completed on February 2. The transaction converted qualifying xAI interests into SpaceX shares. 2 https://x.ai/news/series-e?stream=top 3 https://www.sec.gov/Archives/edgar/data/1181412/000162828026036936/exhibit21-sx1.htm The filing shows a quarter-end value, not Nvidia’s purchase price Nvidia’s holdings disclosure listed 122,764,805 SpaceX Class A shares with a reported value of approximately $21 billion as of June 30. That is a quarter-end portfolio mark. It does not identify Nvidia’s cost basis, the timing of each purchase or how much of the position came from the xAI merger. 1 https://www.cnbc.com/2026/08/14/nvidia-discloses-21-billion-stake-in-spacex-at-end-of-second-quarter.html Dividing the reported value by the reported share count implies a value of roughly $171 per share. That calculation describes the mark implied by the disclosure; it is not evidence that Nvidia paid $171 per share or invested $21 billion in cash. 1 https://www.cnbc.com/2026/08/14/nvidia-discloses-21-billion-stake-in-spacex-at-end-of-second-quarter.html SpaceX completed its initial public offering in June. Its offering materials show 7.380 billion Class A shares and 5.696 billion Class B shares outstanding immediately after the offering. Nvidia’s reported position therefore represents about 0.9% of total common stock and about 1.7% of the Class A shares, using those post-offering figures. 4 https://www.sec.gov/Archives/edgar/data/1181412/000162828026040874/spacexukfwp.htm The route through xAI xAI announced on January 6 that it had completed a $20 billion Series E financing. The company named Nvidia and Cisco Investments as strategic investors, but did not provide a company-by-company breakdown of contributions or specify how the round was divided between equity and other financing. 2 https://x.ai/news/series-e?stream=top Bloomberg reported before the financing closed that Nvidia planned to invest as much as $2 billion in the equity portion of the round. That figure is a reported ceiling, not an amount confirmed by xAI or Nvidia in the announcement. 5 https://www.bloomberg.com/news/articles/2026-01-06/musk-s-xai-closed-20-billion-funding-round-with-nvidia-backing The January 31 merger agreement provides the most important ownership detail. For qualifying xAI low-vote shares, each share was to be converted into 0.1433 shares of SpaceX Class A common stock. Qualifying high-vote xAI shares were to convert into the same ratio of SpaceX Class B shares. The agreement also included cash-election provisions for certain service providers and other special treatments, so the transaction was not identical for every xAI security holder. 3 https://www.sec.gov/Archives/edgar/data/1181412/000162828026036936/exhibit21-sx1.htm Tesla’s SEC filing illustrates how the mechanism worked in practice: Tesla’s planned $2 billion purchase of xAI Series E preferred stock was converted into SpaceX Class A stock after the merger, and Tesla completed that investment in March. Nvidia’s disclosure does not provide enough information to determine whether its entire SpaceX position came from the same conversion process. 6 https://www.sec.gov/Archives/edgar/data/1318605/000110465926053166/tm2611837d1 10ka.htm Economic exposure without equivalent control Nvidia’s position gives it exposure to SpaceX’s launch, connectivity and AI businesses, including operations inherited from xAI. SpaceX’s offering materials describe an AI infrastructure business using Nvidia hardware and disclose a compute agreement covering approximately 325,000 Nvidia GPUs. The customer was scheduled to pay $1.25 billion per month through May 2029, subject to the agreement’s terms. 4 https://www.sec.gov/Archives/edgar/data/1181412/000162828026040874/spacexukfwp.htm That relationship creates a commercial link between Nvidia’s chip business and SpaceX’s AI expansion, but it should not be described as independent validation of SpaceX’s valuation. The GPU figures and customer agreement are disclosures by SpaceX, not an analyst assessment of the investment’s merits. 4 https://www.sec.gov/Archives/edgar/data/1181412/000162828026040874/spacexukfwp.htm Nvidia’s Class A position also carries limited voting influence relative to Musk’s holdings. Each Class A share has one vote, while each Class B share has 10 votes. SpaceX’s offering materials estimated that Musk would control approximately 82.4% of voting power after the offering. 7 https://www.sec.gov/Archives/edgar/data/1181412/000162828026040874/spacexukfwp.htm SpaceX’s first quarterly report as a public company showed $7.81 billion in second-quarter revenue and a $541 million net loss, according to independent coverage. Those results provide operating context for the valuation attached to Nvidia’s holding, but they do not establish what Nvidia’s stake is worth beyond the reported June 30 mark. 8 https://apnews.com/article/3b7b66a3e522e51d75caebc40af7e09e Companies mentioned Further sources 1 CNBC reported Nvidia’s June 30 holdings disclosure showing 122,764,805 SpaceX s… ↗ https://www.cnbc.com/2026/08/14/nvidia-discloses-21-billion-stake-in-spacex-at-end-of-second-quarter.html 2 xAI’s official January 6 announcement described its $20 billion Series E financ… ↗ https://x.ai/news/series-e?stream=top 3 The SEC-filed SpaceX-xAI merger agreement specifies the 0.1433 exchange ratio a… ↗ https://www.sec.gov/Archives/edgar/data/1181412/000162828026036936/exhibit21-sx1.htm 4 SpaceX’s SEC-filed offering materials disclose its post-IPO share counts and th… ↗ https://www.sec.gov/Archives/edgar/data/1181412/000162828026040874/spacexukfwp.htm 5 Bloomberg reported that Nvidia planned to invest as much as $2 billion in the e… ↗ https://www.bloomberg.com/news/articles/2026-01-06/musk-s-xai-closed-20-billion-funding-round-with-nvidia-backing 6 Tesla’s SEC filing says its planned $2 billion xAI investment was converted int… ↗ https://www.sec.gov/Archives/edgar/data/1318605/000110465926053166/tm2611837d1 10ka.htm +2 more The stories that matter, in one email. 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