NVIDIA's 13F: $21B in SpaceX, $30B in Intel

On August 15, a routine 13F holdings filing laid bare the quiet capital strategy NVIDIA has been building over the past six months: the world’s biggest AI-chip seller saw its public equity portfolio balloon from $18.4 billion the previous quarter to $63.4 billion, with its SpaceX and Intel stakes alone totaling over $51 billion. This no longer reads like the balance sheet of a chip supplier — it looks more like an AI-infrastructure giant integrating upward and stepping into the role of “general contractor.”

Two Heavyweight Stakes, Disclosed for the First Time

In this filing, NVIDIA disclosed two closely-watched positions in detail for the first time:

• SpaceX: roughly 122.8 million shares, worth nearly $21 billion at end-of-June prices — about 30.94% of its public equity portfolio.
• Intel: roughly 214.8 million shares, worth about $30 billion, making it NVIDIA’s single largest public holding at 44.23% of the portfolio.

Together the two exceed $51 billion, or about a quarter of NVIDIA’s total assets (roughly $206.8 billion). The Intel stake’s backstory is telling: it stems from a $5 billion investment NVIDIA announced in 2025. As recently as the end of March, that stake was worth only about $9.5 billion — in a single quarter it surged to $30 billion, more than tripling in paper value.

How xAI’s Merger Turned Into a SpaceX Stake

NVIDIA’s SpaceX position arrived by a roundabout route. Earlier this year, Elon Musk’s AI company xAI was folded into SpaceX, paving the way for the latter’s June IPO. And back in 2025, NVIDIA had poured up to $2 billion into xAI through a special purpose vehicle — a structure designed with equity and debt to fund procurement of NVIDIA’s own processors for xAI’s large-scale compute projects. Once xAI merged into SpaceX, that investment automatically converted into SpaceX shares.

As a result, NVIDIA became SpaceX’s sixth-largest shareholder, behind heavyweights like Musk (a stake worth roughly $850 billion) and Alphabet (about $78 billion). SpaceX listed on June 12 at $135 per share, spiked to $225 on its third day, then swung lower — dipping to $104 in early August before closing at $140 on August 14. That means NVIDIA’s SpaceX stake has already shrunk from about $21 billion at end-June to roughly $17.2 billion, a paper retreat of nearly $4 billion — a volatile position that adds plenty of drama to the portfolio.

From Pick-and-Shovel Seller to General Contractor

What truly caught the market’s attention wasn’t just what NVIDIA bought, but what it intends to do with it. Shortly before this 13F filing, reports emerged that NVIDIA had teamed up with Apollo, BlackRock, and Blackstone to set up a compute-financing platform aimed at mobilizing more than $500 billion in third-party capital to build AI data centers at scale.

The strategic significance runs far deeper than a financial maneuver. NVIDIA’s old identity was that of a pick-and-shovel seller in the AI gold rush — selling GPUs to anyone training models or running inference. Through this financing platform, NVIDIA is moving toward a “general contractor” role: not just selling chips, but stringing together the capital, construction, and operations of an entire data center on behalf of clients, using outside money to keep stoking demand for its own GPUs. That also explains why NVIDIA holds both SpaceX (a potentially enormous future buyer of AI compute) and Intel (a strategic partner in chip fabrication and the broader ecosystem) — these aren’t financial investments, they’re strategic positions planted at key nodes of the AI supply chain.

A Holdings List That Keeps Getting Thicker

Beyond the two headline positions, NVIDIA’s public portfolio holds plenty of other familiar names. The filing shows NVIDIA holds 8 stocks in total, including an increase of 21.07 million shares in cloud GPU provider Nebius Group (6.91% of the portfolio), plus positions in Coherent, Generate Biomedicines, Nokia, and Synopsys — spanning optical networking, AI-driven drug discovery, telecom, and EDA tools.

The logic is remarkably consistent: from co-packaged optics (Coherent) and chip-design tooling (Synopsys) to cloud GPU rental (Nebius, CoreWeave, and others), NVIDIA is placing bets along every layer of the AI data-center supply chain. When a company’s customers, suppliers, and would-be rivals all show up on its own holdings list, it’s no longer a link in the chain — it’s becoming the chain itself.

What This Means for the Market

For investors, NVIDIA’s 13F sends a clearer signal than any single earnings report: its AI-infrastructure ambitions have evolved from “selling chips” to “bankrolling and building the entire AI data center.” The jump from $18.4 billion to $63.4 billion in public equities shows it’s willing to put real money on the entire AI ecosystem’s upstream and downstream; the $500 billion financing platform shows it wants to use other people’s capital — and other people’s balance sheets — to build an infrastructure empire far larger than its own equity base.

The risks are just as real: the SpaceX position’s volatility has already cost NVIDIA nearly $4 billion on paper this quarter, and blurring the lines between chip supplier, foundry partner, and compute customer could invite tighter regulatory and conflict-of-interest scrutiny. Either way, NVIDIA has used a single 13F to tell the world: the AI leader’s next move is to dig the moat around the entire AI-infrastructure stack deeper and wider — with its own hands.