Nvidia (NASDAQ: NVDA) reported a major investment in SpaceX (NASDAQ: SPCX), revealing that the chipmaker owns 122.8 million Class A shares of Elon Musk's rocket company.
Based on the current value of these shares, according to new data filed with the U.S. Securities and Exchange Commission, this position is valued at approximately $21 billion. Nvidia has only one disclosed investment larger than this — its stake in Intel (NASDAQ: INTC).
Following the data release on Friday, there were no particularly dramatic events in over-the-counter trading. SpaceX shares rose 0.35%, while Nvidia shares fell 0.12%. However, their overall trends are quite different. Nvidia shares have risen nearly 20% since the beginning of 2026, while SpaceX shares have lost about 7% since going public in June.
Retail traders also view the two companies differently. Stocktwits showed neutral sentiment toward NVDA, with trading volume remaining at normal levels. Sentiment toward SPCX was extremely optimistic, and discussion volume also remained normal.
SpaceX Chose Nvidia for Its Data Centers and is Preparing to Use Vera Rubin GPUs
Nvidia's investment in SpaceX comes amid a significant deepening of business ties between the two companies. During SpaceX's first earnings report after going public, Elon Musk stated that the company had selected Nvidia as the sole chip supplier it plans to use for computing hardware in its data centers.
"We decided to use the Nvidia architecture exclusively because we believe the Vera Rubin architecture is the best," said Elon Musk. "We believe it's the best AI computer, and we highly value our close collaboration and partnership on many levels with Nvidia."
Elon Musk informed investors that SpaceX expects to get a "significant share" of Nvidia's Vera Rubin GPUs next year. This means SpaceX plans to use the next version of Nvidia's AI chip as the computational power available through the company's data center network increases.
In addition to the deal with SpaceX, Nvidia is also planning a significant funding increase. The chipmaker reported it has prepared a $500 billion financing package involving major Wall Street banks, including Goldman Sachs (NYSE: GS). CNBC's Jim Cramer commented on this as a "monumentally positive change."
In terms of publicly known investment amounts in Nvidia, Intel leads SpaceX. Jim remains confident in Intel's management team and the direction the company has chosen. He believes the funds raised by Intel can be used to expand the chip manufacturing business for third-party customers, in addition to Intel itself.
Jim also stated he has great trust in Intel CEO Lip-Bu Tan, noting that Lip-Bu "knows how to build things." He argued that Intel is unlikely to conduct a stock sale "unless they have something in hand," and said one possible option could be a new customer for Intel's manufacturing capacity.
"I still consider this stock my favorite in the portfolio," Jim added.
Elon Musk Maintains Control Over SpaceX as His Stake Value Approaches $907 Billion
A separate document released by regulators on Thursday also provided much clearer information about Elon's stake in SpaceX. As of June 30, Elon owned an economic stake of 48.4% of the company and had sole control over voting and investments in 6.42 billion shares, with the total value of this position being about $906.9 billion.
Elon later responded to the SpaceX ownership data, stating that the figure might create the impression that a larger portion of the shares is fully owned by him than is actually the case. He explained that some of the shares included in the total are still contingent on SpaceX meeting extremely challenging performance requirements before they are fully vested to him.
"A significant portion vests only upon SpaceX achieving incredibly high results, so the actual percentage of fully vested shares is lower," said Elon.
The assets in the documents are broken into several parts. Trusts for which Elon acts as trustee control about 849.5 million Class A shares. These trusts also own roughly 3.92 billion Class B shares. Elon directly owns another 1.30 billion restricted Class B shares, while options cover an additional 350 million Class B shares.
Thus, although from an economic standpoint Elon owns less than half of SpaceX, his control over voting is far greater than his ownership stake. He controls over 82% of the company's voting shares, giving him much greater influence over shareholder decisions than might be assumed from his 48.4% economic stake alone.
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