Nvidia Discloses $21B SpaceX Stake, $30B Intel Position

Nvidia's Aug. 14 SEC 13F filing showed the AI chipmaker holding roughly $21 billion of SpaceX stock and about $30 billion of Intel stock as of June 30, per Fortune's read of the disclosure. Those two positions, 122.8 million SpaceX shares and 214.8 million Intel shares, dwarf the smaller stakes in Coherent, Generate Biomedicines, Nebius, Nokia and Synopsys that round out the book.

The Intel line is the eye-catcher. Nvidia put in $5 billion in 2025 when the two companies agreed to co-develop processors for personal computers and data centers, and by June 30 that position was worth about $30 billion. Three months earlier it was marked at roughly $9.5 billion, so most of the paper gain runs through the second quarter. The SpaceX position traces back to Nvidia's up-to-$2-billion investment in xAI during 2025, made through a special-purpose vehicle set up to buy Nvidia processors. xAI was folded into SpaceX before the space company's stock started trading earlier this year, and the June 30 figure is Nvidia's first public mark on that combined holding.

The pattern here is straightforward. Nvidia's equity book has become a meaningful second income stream, and both top holdings are in companies buying Nvidia silicon, so the same customer capex the chipmaker bills against also lifts the marks on its own balance sheet. Our earlier note on Intel's $20 billion follow-on share sale, priced this month at $95, is worth pulling up alongside this, since that offering closed after the June 30 snapshot and would have diluted the position before it appears in the next quarterly. Our Aug. 15 note on Nvidia weighing up to $3 billion for SoftBank's SB Energy arm shows the same equity playbook extending into the power side of AI capex.

The filing itself leaves a lot uncovered. There is no detail on how Nvidia arrived at the $21 billion SpaceX mark, no note on whether the SpaceX shares carry any lockup, and no colour on how the original xAI SPV transferred onto Nvidia's own balance sheet when xAI became part of SpaceX. The June 30 snapshot is also already stale on Intel, since one summary of the filing puts the mark at roughly $22 billion after this month's Aug. 12 raise.

For anyone tracking Nvidia's platform strategy, the more useful takeaway is that the chipmaker now runs a customer-financing playbook on both ends: chip revenue on the income statement and chip-buyer equity on the balance sheet. The next 13F will show whether the Intel mark held up after Intel's own raise and whether the SpaceX figure moves off that $21 billion print.