Nvidia (NASDAQ: NVDA) has disclosed a very large investment in SpaceX (NASDAQ: SPCX), showing that the chipmaker owns 122.8 million Class A shares in Elon Musk’s rocket company.
Based on the current value of those shares, the position is worth around $21 billion, per new filing with the U.S. Securities and Exchange Commission. Nvidia has only one disclosed investment that is bigger, and that is its holding in Intel (NASDAQ: INTC).
There was not much drama in after-hours trading on Friday after the disclosure came out. SpaceX stock gained 0.35%, while Nvidia shares fell 0.12%. Their broader performances have been very different, though. Nvidia is up almost 20% so far in 2026, while SpaceX has lost close to 7% since it entered the public market in June.
Retail traders are also looking at the two names differently. Stocktwits showed neutral sentiment around NVDA, with posting volume staying normal. For SPCX, sentiment was extremely bullish, while the amount of discussion also remained at normal levels.
SpaceX picks Nvidia for its data centers and prepares for Vera Rubin GPUs
Nvidia’s investment in SpaceX is happening alongside a much deeper business relationship between the two companies. During SpaceX’s first earnings call since becoming a public company, Elon Musk said SpaceX had chosen Nvidia as the only chip supplier it plans to use for the computing hardware inside its data centers.
“We’ve decided to build exclusively on Nvidia because we think [its] Vera Rubin architecture is the best architecture,” Elon said. “We think it’s the best AI computer and we greatly value our close co-operation and partnership on many levels with Nvidia.”
Elon has informed investors that SpaceX is expecting to have a “significant allocation” of Nvidia’s Vera Rubin GPUs next year. This means that SpaceX is planning to utilize the next iteration of Nvidia’s AI chip as SpaceX increases computing power available through its data center network.
Nvidia has also been planning a significant financing move aside from the deal with SpaceX. The chipmaker revealed that it had planned out a $500 billion financing package with some of the largest banks on Wall Street, among which there was Goldman Sachs (NYSE: GS). CNBC host Jim Cramer commented that it was “a monumentally positive change.”
Intel is ahead of SpaceX in terms of Nvidia investments that are publicly known. Jim is still quite confident about the management team at Intel and the path that the firm is following. He thinks that the funds raised by Intel can be used for expanding its third-party manufacturing business where the company manufactures chips for other customers apart from Intel.
Jim also said he has a lot of confidence in Intel CEO Lip-Bu Tan, saying Lip-Bu “knows how to build things.” He argued that Intel would likely not go ahead with the share sale “unless they have something in hand,” and said one possibility could be a new customer for Intel’s manufacturing operation.
“I still think this is my favorite stock in the portfolio,” Jim added.
Elon Musk keeps control of SpaceX as the value of his stake approaches $907 billion
A separate regulatory filing released Thursday also provided a much clearer breakdown of Elon’s ownership in SpaceX. As of June 30, Elon owned an economic stake of 48.4% in the company and had sole voting and investment control over 6.42 billion shares, with the value of that overall position at around $906.9 billion.
Elon later responded to the ownership figure on X, saying the number can give the impression that more of the stake is fully his than is actually the case. He explained that part of the shares included in the total still depend on SpaceX hitting extremely difficult performance requirements before they completely vest.
“A bunch of it only vests on extremely crazy good outcomes for SpaceX, so actual full vested percentage is lower,” Elon said.
The filing breaks the holdings down into several different parts. Trusts where Elon acts as trustee control about 849.5 million Class A shares. Those trusts also hold 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.
So while Elon owns less than half of SpaceX from an economic standpoint, his voting control is much higher than his ownership percentage. He controls more than 82% of the company’s voting power, giving him a much larger say over shareholder decisions than the 48.4% economic stake alone would suggest.
