13F Filings Revealed | NVIDIA's Q2 Holdings Disclosed: SpaceX Surges to Become the Second-Largest Holding; What Is Jensen Huang Planning Next?

The relationship between NVIDIA and Musk has gone beyond just "selling chips" and "buying chips."

Today, $NVIDIA (NVDA.US)$Disclosed its Q2 holdings report, revealing its SpaceX position for the first time:As of June 30, the company held approximately 123 million shares of SpaceX Class A stock, with a quarter-end market value of about $21 billion, representing 33.06% of its disclosed equity portfolio. It ranks second only to Intel as NVIDIA's second-largest equity holding.

According to FactSet statistics,NVIDIA has thus entered the list of SpaceX's top six shareholders.More notably, this was not a routine secondary market purchase, but a strategic move driven by xAI investment, SpaceX acquisition, and chip procurement.

SpaceX has instantly become NVIDIA's second-largest holding.

Based on the Q2 holdings structure, NVIDIA disclosed that the total market value of its equity portfolio is approximately $63.4 billion, indicating a very high concentration.

Among them, $Intel (INTC.US)$ remains the largest holding, with a market value of approximately $30 billion, accounting for 47.27%; $SpaceX (SPCX.US)$ jumped directly to second place with a market value of approximately $21 billion, accounting for 33.06%.These two companies together account for more than 80% of the entire portfolio.

The remaining holdings are significantly smaller: $CoreWeave (CRWV.US)$ approximately $4.7 billion, accounting for 7.41%; $Coherent (COHR.US)$ approximately $3.07 billion, accounting for 4.84%; $Nokia Oyj (NOK.US)$ approximately $2.21 billion, accounting for 3.48%; $Synopsys (SNPS.US)$ Approximately $2.15 billion, accounting for 3.39%; $NEBIUS (NBIS.US)$ Approximately $329 million, accounting for 0.52%; $Generate Biomedicines (GENB.US)$ $14 million, accounting for 0.02%.

This means that SpaceX is not a试探性 (tentative) allocation in NVIDIA's portfolio, but a core holding significant enough to materially impact the portfolio's performance.

Where did the equity come from? It stems from a $10 billion investment in xAI.

NVIDIA's holding in SpaceX was not acquired through aggressive buying after an IPO.

In January this year, NVIDIA invested $10 billion in xAI, the AI company under Elon Musk. Subsequently, in February, SpaceX acquired xAI in an all-stock transaction, with a combined valuation reaching $1.25 trillion. Consequently, NVIDIA's equity stake in xAI was converted into shares of SpaceX.

As SpaceX completed its listing in June, this investment, previously hidden within private companies, appeared for the first time as a public equity holding in NVIDIA's 13F filing.

Calculated at the closing price of $170.86 on June 30, these shares were valued at approximately $20.98 billion. However, as of this Friday, SpaceX's share price had pulled back to around $140, reducing the market value of NVIDIA's holdings to approximately $17.2 billion.

In other words, SpaceX's stock price declined by about 18% from the end of the quarter, resulting in a nearly $3.8 billion paper loss on NVIDIA's position.It is important to note that Form 13F only reflects holdings as of June 30 and does not show whether NVIDIA increased or decreased its position thereafter.

The real focus is not on how much paper profit was made.

If this investment is viewed merely as NVIDIA betting on SpaceX, its strategic significance would be underestimated.

During SpaceX's earnings call this quarter, Musk explicitly stated that the company's future AI infrastructure will be built entirely on the NVIDIA platform, referring to Vera Rubin as the current best AI computing architecture.

SpaceX plans to deploy the Vera Rubin NVL72 system starting next year, with applications extending beyond ground-based data centers to potentially include orbital computing. Musk also indicated that the company expects to have over 2GW of online computing power by the end of 2026, possibly approaching 10GW by the end of 2027.

Thus, a complete capital and business closed loop is beginning to emerge:NVIDIA first provides capital to xAI to help expand its models and computing power; after xAI merges into SpaceX, NVIDIA becomes a significant shareholder in SpaceX; meanwhile, SpaceX has designated NVIDIA as the exclusive chip platform for its AI infrastructure.

If SpaceX's AI and orbital computing plans proceed smoothly, NVIDIA will not only secure orders for GPUs, networking, and entire computing platforms but also share in the equity gains from SpaceX's valuation growth.

This is no longer just about 'investing in a customer,' but rather using capital to lock in buyers for the next generation of supercomputing power in advance.

A holdings chart reveals NVIDIA's ambitions in the AI ecosystem.

From the perspective of the entire portfolio, NVIDIA's investment thesis does not pursue traditional industry diversification, but rather proactively positions itself along the AI supply chain.

$Intel (INTC.US)$ Corresponding to chip manufacturing and computing platforms, $Synopsys (SNPS.US)$ covering chip design tools, $Coherent (COHR.US)$ and $Nokia Oyj (NOK.US)$ corresponding to optical communications and network infrastructure, $CoreWeave (CRWV.US)$ and $NEBIUS (NBIS.US)$ belonging to AI cloud and computing power operators, $SpaceX (SPCX.US)$ while also covering large language models (LLMs), data centers, and potential orbital computing scenarios.

These companies collectively point to a central theme: from chip design, manufacturing, interconnects, and networking, to cloud computing power, and finally to AI applications, NVIDIA is attempting to embed itself into the entire AI infrastructure ecosystem.

Whether this constitutes a closed loop or merely "circular financing" remains to be validated by the market.

Of course, this model also brings new controversies.

As NVIDIA invests in AI companies while simultaneously selling chips to them, the market inevitably worries: Is part of the GPU demand reliant on capital injections, thereby creating a cycle where "NVIDIA provides the funding, customers buy the cards, and the resulting orders support NVIDIA's valuation"?

SpaceX's inclusion does not directly validate these concerns, but it will draw greater market attention to several key metrics: whether SpaceX's compute infrastructure build-out can proceed as planned, whether its AI business can generate sufficient cash flow, whether GPU utilization aligns with capital expenditures, and whether large-scale procurement stems from independent, sustainable, and genuine demand.

Furthermore, with the top two holdings accounting for over 80% of the portfolio, the sharp volatility in SpaceX's valuation implies that the book value of its equity investment portfolio will become increasingly sensitive.

NVIDIA is transforming from a chip company into an "AI capital hub."

NVIDIA holds approximately $21 billion worth of shares in SpaceX. On the surface, this appears to be a successful equity conversion; at a deeper level, it signifies that NVIDIA is reshaping its role within the AI industry.

It is no longer content to merely act as a "shovel seller" collecting GPU revenue. Instead, it is actively participating in customers' growth through equity stakes, financing, and technical collaborations, attempting to link chip orders and industrial expansion with equity returns.

SpaceX is currently the most representative case of this model: NVIDIA is both a shareholder and a core supplier, while SpaceX is both an investee company and potentially one of the world's largest buyers of AI compute power in the future.

If SpaceX's ground-based and orbital AI infrastructure materializes as expected, NVIDIA stands to gain a double return from "chip revenue plus equity appreciation." However, if AI capital expenditure cools down, the deepening capital and business ties between the two could amplify the correlated risks affecting orders and valuations.

This $21 billion holding reveals not so much what NVIDIA has bought, but rather what Jensen Huang is turning NVIDIA into.

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